Oil price jumps 14% to $84 per barrel as US-Iran ceasefire collapses
The latest increase follows the exchange of fresh attacks between the United States and Iran from Saturday till yesterday, while Tehran announced the closure of the Strait of Hormuz, one of the world’s most strategic oil shipping routes, through which about one-fifth of global crude supplies pass.
By Obas Esiedesa, Abuja Global oil prices surged by 14 per cent to almost $85 per barrel yesterday as the escalating conflict between the United States and Iran intensified fears of prolonged disruptions to global crude supplies.
Brent crude had weakened amid easing geopolitical tensions in the Middle East, increased production by OPEC+ members, and concerns over slowing global demand, falling to around $72 per barrel last week before rebounding to $76 on Sunday and almost $85 on yesterday.
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