economy
Oil prices close at highest level since 2022 as Iran negotiations fail to ease supply fears
Oil prices traded higher after U.S. President Donald Trump said Iran had allowed 10 oil tankers to pass through the Strait of Hormuz.
TL;DR
- Oil prices closed at their highest level in over three years on Friday.
- U.S. crude oil prices rose 5.46% to $99.64 per barrel, and Brent crude gained 4.22% to $112.57.
- Market fears about Middle East supply disruptions were not eased by President Trump's negotiations with Iran.
- Trump announced a pause on attacks on Iran's energy infrastructure until April 6.
- Two container vessels owned by China Ocean Shipping Company were turned back attempting to pass through the Strait of Hormuz.
- Nearly 17.8 million barrels per day of oil and fuel flows through the Strait of Hormuz have been disrupted.
- Analysts state the global oil market has shifted from 'buffered to fragile' after weeks of supply losses and inventory drawdowns.