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Oil Hovers Near Highest Level of Iran War and Stocks Edge Lower
Stalled Iran talks and uncertainty over the Strait of Hormuz pushed Brent near $115, while AAA said the U.S. gasoline average rose to $4.23.
- International benchmark Brent Crude approached $115 per barrel on Wednesday morning as energy markets reacted to stalled negotiations over Iran.
- The Strait of Hormuz remains closed without a cohesive reopening plan, and momentum behind peace negotiations has reportedly stalled in recent days.
- Patrick De Haan, a petroleum expert at GasBuddy, noted on Tuesday that the absence of a clear strategy is reversing previous market gains. "So oil's been slowly recapturing some of what it gave up after the ceasefire was announced," De Haan said.
- The national average for American gasoline jumped to $4.23 on Wednesday, marking an increase of $1.25 since Feb. 28 when strikes against Iran began.
- Because crude oil accounts for roughly 51% of total gasoline costs, AAA reports these prices represent the highest level recorded since the Iran war onset.
23 Articles
23 Articles
Times of India
The Economic TimesCrude oil price jumps to $115, highest level since June 2022 amid stalled Iran war talks. Brace for $150?
Crude oil prices surged to near $115 per barrel, the highest since June 2022, driven by escalating Iran conflict tensions and supply risks. Analysts warn that prolonged disruptions and stalled negotiations could push prices towards $150, with the Strait of Hormuz remaining a key flashpoint for global energy markets.
Stalled Peace Talks Push Oil Toward $115 As Gas Hits New Record - Tampa Free Press
The cost of crude oil continued its steady climb Wednesday morning, as the international benchmark Brent Crude approached the $ 115-per-barrel mark. This upward trend in the energy market is translating directly to American wallets, with the national average for a gallon of gasoline jumping to $4.23 on Wednesday. According to data from AAA, this […] Stalled Peace Talks Push Oil Toward $115 As Gas Hits New Record
Oil hovers near highest level of Iran war and stocks edge lower
NEW YORK (AP) — Oil prices are hovering near their most expensive levels since the war with Iran began. The U.S. stock market, though, continues to shrug it off and is dipping only modestly from its record heights. The price for a barrel of Brent crude oil to be delivered in June jumped 7.3% to $119.34, as of 1:15 p.m. Eastern time and got as high as $119.76, bringing its gain of the week so far to more than 10%. Brent to be delivered in July, w…
The negotiations to end the Iran war seem to be in a dead end, causing oil prices to continue to rise, and the DAX could only barely defend the 24,000-point mark.
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