WTI Oil Soars to $83.50 Amid Fading Iran-US Peace Hopes
WTI Oil has surged to fresh highs at $83.50 in European trading sessions on Tuesday, marking its second consecutive day of gains.
The price hike represents a nearly 10% jump from last week's closing prices, with hopes of an upcoming peace deal between the US and Iran fading fast.
Uncertainty in the Middle East is driving up petrol prices, as the US and Iran struggle to agree on terms for reopening the Strait of Hormuz. The waterway has seen a significant reduction in traffic, with only six vessels crossing it on Monday compared to an average of 10-11 in recent weeks.
Tehran's restructuring of its military leadership may also be contributing to the tensions, with former IRGC commander Mohsen Rezaee taking over as Secretary of the Supreme National Security Council. He has expressed skepticism towards negotiations with the US, which could further complicate efforts to reach a peace agreement.