A barrel of Brent oil is traded at $103.60 in international futures markets.
The barrel price of Brent oil, which rose to $102.63 yesterday, completed the day at $101.69.
The forward barrel price of Brent oil increased by 1.9 percent compared to the closing date at 09.45 today, reaching 103.60 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $98.30 per barrel.
The rise in prices is due to the blockage in efforts to achieve a ceasefire between the United States and Iran and concerns about the Strait of Hormuz, through which approximately 20 percent of global oil supply passes.
Iranian Foreign Minister Abbas Erakchi blamed Washington for the inconclusive negotiations following the 40-day war that started with the US-Israeli attacks, and said that no progress was made in the previous round due to the “excessive demands” of the US.
Erakçi emphasized that Iran’s position in the negotiations is decisive and stated that the country’s interests must be secured.
On the other hand, White House Spokesperson Karoline Leavitt announced that US President Donald Trump gathered his national security team with the Iran agenda.
Regarding Iran’s proposal to “open the Strait of Hormuz first and discuss nuclear negotiations later,” Leavitt stated that there is no sign that Washington is considering this approach.
Noting that the US’s red lines towards Iran are clear, Leavitt reiterated that Tehran cannot have nuclear weapons.
Iran’s emphasis on the need to secure the country’s interests and US President Donald Trump’s continued harsh stance on preventing Iran’s uranium enrichment activities reduce the possibility of a permanent ceasefire between the two countries, supporting prices upwards.
On the other hand, US Secretary of State Marco Rubio said that Iran may be “serious” about the agreement, but any agreement must definitely prevent the country from acquiring nuclear weapons.
Rubio pointed out that Iran is under economic pressure and stated that the current problems have become more severe during the conflict process and that the negotiation process is still possible.
Yesterday, it was claimed that Iran submitted a new proposal to the USA for the reopening of the Strait of Hormuz and suggested that the negotiations on the nuclear program be postponed to the next stage.
Diplomatic uncertainty and harsh rhetoric between the parties lead to an increase in the geopolitical risk premium, causing investors to factor concerns about possible supply disruption into prices.
It is stated that technically $ 105.63 can be watched as resistance and $ 99.86 as support zone for Brent oil.
