Commodities
US-Iran Conflict Drives Oil Prices to Near $110/Barrel Amid Supply Concerns
The ongoing US-Iran conflict is driving up oil prices as supply concerns grip global markets. Brent futures are trading close to $110 per barrel, a significant increase from previous levels.
US President Donald Trump has claimed that Iran wants to return to the negotiating table, but Iranian officials have dismissed these overtures. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said 'Damage control won't stop what's coming. No talks until Iran's conditions are met. Period!'
The conflict has also led to a decline in vessel traffic through the Strait of Hormuz, with only eight vessels attempting to transit the waterway on Monday, compared to the pre-war average of 140 daily transits.