US-Iran Tensions Send Oil Prices Soaring Again
Oil prices continued their upward trend for the fourth consecutive session on Monday, driven by uncertainty over the US-Iran conflict. Brent crude futures were steady at $87.81 a barrel, while US West Texas Intermediate (WTI) crude futures remained at $82.20 a barrel.
The price of oil has risen more than 5% in recent days, reaching its highest levels since July 31. The increase is attributed to the escalation of tensions between the US and Iran, which have raised concerns about the stability of global energy supplies.
US President Donald Trump has issued new demands on Iran, including compensation for people killed in conflicts, as part of negotiations aimed at bringing an end to the war. This move could make it more difficult for Washington and Tehran to reach a deal to facilitate the reopening of the Strait of Hormuz, a strategically vital waterway that accounts for one-fifth of global oil and liquefied natural gas shipments.
The 14-point memorandum of understanding agreed between Tehran and Washington in June outlined plans for the US and regional partners to establish a $300 billion fund for Iran's rehabilitation and economic development after the war. However, Trump has indicated that he is willing to allow economic pressure on Iran to intensify instead of launching additional military strikes.