Crude Oil Price Hike: There are no signs of the ongoing tension in the Middle East abating. In such a situation, after a recent decline, crude oil prices have surged again. After falling in the previous session, crude oil has once again crossed $100. Brent crude’s price increased by $1.13 (about 1.1%) to $103.35 per barrel.
Crude Oil Surges Again
Meanwhile, US West Texas Intermediate (WTI) crude also rose by $1.08 (about 1.2%) to $91.40 per barrel. Prices had fallen by nearly 2% on Wednesday, but due to rising tensions in West Asia, the market is seeing a resurgence.
Earlier, oil prices had fallen when US President Donald Trump had indicated a postponement of an attack on Iran’s power plant and some relief in sanctions.
Iran Stands Firm, Refuses Talks
Amidst rising tensions in the Middle East, Iran has made it clear that it is not in the mood to back down from its stance. It has rejected the proposal from the US, which has increased investor concern and led to caution in the market. Iran’s Foreign Minister has clearly stated that currently, Tehran has no intention of ending this conflict through talks with the US.
This statement comes at a time when US President Donald Trump has warned that if Iran does not reduce military activities, US action could intensify. White House Press Secretary Karoline Leavitt has also confirmed that the US is monitoring the situation and can take strong measures if needed.
Actually, the US had sent a 15-point proposal to Iran to end the conflict. It included important suggestions like eliminating uranium stockpiles and halting the ballistic missile program. But Iran completely rejected this proposal.
Iran’s military spokesperson called America’s peace effort a ‘joke’, stating that the proposal is not trustworthy. He questioned the 15-point agenda and expressed doubt about its intentions. In such a scenario, it is clear that tensions between the two countries may increase further instead of decreasing.
