Uncertainty surrounding the Strait of Hormuz

Dragging-out Iran crisis causes oil prices to rise again

Schepen voor de kust van Oman
Schepen voor de kust van Oman Belga

The ongoing uncertainty surrounding the Strait of Hormuz is causing oil prices to rise once again. Meanwhile, negotiations between the US and Iran remain virtually non-existent.

The Strait of Hormuz is set to reopen tomorrow. Or is it? Trump will launch an attack. And then back down again. Are negotiations still taking place? “We’re right in the thick of it,” emphasises US Vice-President J.D. Vance. “Nonsense. There are no talks,” Iranian representatives dismiss the claim. And so the uncertainty surrounding oil market supplies persists.

As a result, oil prices began to rise again on Monday. The price of a barrel of North Sea Brent crude, for delivery in October, rose by 1.05 per cent to $84.43 at around 11.00 Belgian time. The price of a barrel of the US West Texas Intermediate (WTI) crude, for delivery in September, rose by 1.01 per cent to $78.97.

Read here: Four months of crisis over Iran: ‘If this goes on any longer, we will see drastic measures’

The Iranian Revolutionary Guard emphasised yesterday that the Strait of Hormuz will remain closed until Washington accepts “all of Tehran’s conditions”. However, those conditions amount to a US capitulation. It therefore seems unlikely that they will be met.

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This article was automatically translated from the original Dutch text into British English.

Author: Matthieu Van Steenkiste

Source: Mobility Energy

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