WASHINGTON (Kashmir English): Crude oil prices have risen sharply in the global market following US President Donald Trump’s rejection of Iran’s proposals and growing uncertainty over the situation in the Strait of Hormuz.
According to media reports, crude oil prices rose by more than 3% in the global market, after which the price of Brent crude oil reached $104 per barrel, while US crude oil WTI was seen trading at $99 per barrel.
According to international organizations monitoring oil prices, investors are uneasy due to Iran-US tensions and concerns about shipping in the Strait of Hormuz, which are having a direct impact on the global energy market.
According to reports, the price of Brent crude oil has increased by about $20 per barrel since the start of the war, which has further increased concerns about the global economy and fuel supply.
Earlier, US President Donald Trump rejected Iran’s response to the US proposal to end the war.
In a statement made on Truth Social, Trump said that “I have just read the response from Iran’s so-called “Representatives.” I don’t like it — TOTALLY UNACCEPTABLE! Thank you for your attention to this matter. President DONALD J. TRUMP”
