NEW YORK (Kashmir English): Crude oil prices rose sharply in the global market today as investors remained uncertain about the situation in the Strait of Hormuz and the future of the talks between Iran and the United States.
According to market data, the price of US crude oil (West Texas Intermediate) rose by about 3 percent to $78.70 per barrel.
While the price of Brent crude oil, which is considered the global standard, rose by more than one percent to $81.70 per barrel.
Experts say that the increase in oil prices is surprising despite progress in the Iran-US talks in Switzerland.
Joint statement issued as US, Iran agree 60-day roadmap
The ongoing diplomatic process talks between Iran and the United States have made significant progress, where the two sides agreed on a formal roadmap to reach a comprehensive agreement within the next 60 days.
A joint statement issued by Qatar and Pakistan after the meeting said that the first high-level talks under the Islamabad Memorandum of Understanding (MoU) were concluded in a positive and constructive atmosphere.
Progress was made on several important issues during the talks, including the establishment of a permanent mechanism for future technical negotiations.
According to the statement, the two sides have agreed to form a high-level committee that will provide political oversight of the entire negotiation process.
The main negotiators will regularly brief the committee on progress, while special working groups will also be established on the nuclear program, sanctions, and dispute resolution and monitoring.
The statement said that a special system of direct communication between the parties has also been established to ensure the safe passage of commercial ships in the Strait of Hormuz and to avoid any misunderstanding or unpleasant incident.
