Global oil prices moved slightly higher as tensions in the Middle East continued, with Iran reviewing a proposal from the United States to end the ongoing conflict. The situation has created uncertainty in global markets, especially in the energy sector.
Brent crude oil prices rose by about 0.8 percent to around $103 per barrel, while US West Texas Intermediate (WTI) crude increased by nearly 1 percent to about $91 per barrel. This comes after prices had fallen in the previous session due to hopes of possible peace talks.
Reports suggest that Iranian officials are studying a US-backed plan aimed at stopping the war. Although Iran has not fully accepted the proposal, it has not rejected it either. This has raised cautious hopes that tensions could reduce in the coming days.
However, the situation remains unclear. Iran has publicly denied any direct talks with the United States and said that major differences still exist. Because of this, investors are staying cautious, and oil prices continue to remain unstable.
The conflict has already affected global oil supply, especially from the Gulf region, which is very important for energy exports. Earlier this month, oil prices had jumped above $119 per barrel due to fears of supply disruption.
A key area of concern is the Strait of Hormuz, through which nearly 20 percent of the world’s oil supply passes. Any disruption in this route can lead to sharp increases in oil prices.
Market experts say that even small developments in the conflict can quickly impact oil prices. Investors are also watching the US government closely, as it has warned of stricter actions if Iran does not cooperate.
For now, oil markets are expected to remain volatile, with prices reacting to every update related to the conflict and possible peace efforts.
