The price of crude oil, which has fluctuated greatly in recent weeks, remains stable today.
Brent crude oil futures contracts increase by a symbolic 3 cents and currently oscillate at $98.51. per barrel.
The price of WTI crude oil is heading in the opposite direction and is declining today. The contracts are currently valued at $89.53. per barrel
The stable price of crude oil should not be surprising. Investors are clearly waiting for further developments in the situation in the Middle East. And there's a lot going on.
The most important news includes Donald Trump's decision to extend the ceasefire with Iran, announced just before the expiry of the previous suspension. The president emphasized that the aim of the talks is to end the conflict, which has claimed thousands of lives and caused serious turmoil in the global economy.
However, reactions to this move were mixed. It was unclear whether Iran and key U.S. ally Israel would accept an extension of the truce.
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“The still uncertain outcome of the talks and the closing of the Strait of Hormuz leave the market without a clear direction” – Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, explains the investors' reaction for Reuters. The expert added that if the conflict does not escalate, oil prices may remain stable.
The Americans and Iran continue their blockades
In the meantime Donald Trump announced that the U.S. Navy would maintain the blockade of Iran's ports and coast, which Iranian leaders called an “act of war.”. As reported by the Tasni News agency linked to the Iranian Revolutionary Guard, Tehran did not request an extension of the ceasefire and announced that it would seek to break the blockade by force.
Maritime transport through the Strait of Hormuz, crucial for global supplies of oil and liquefied natural gas, remains largely on hold. Only three ships have passed through the strait in the past 24 hours, underscoring the scale of the disruption.
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Tensions have also arisen in the Middle East related to the activities of Hezbollah, which According to Israeli authorities, he fired rockets at Israeli army positions in southern Lebanon. The attack took place ahead of planned talks with Lebanon, which are to be held under the leadership of the US. Hezbollah did not respond to these accusations.
