The price of oil drops significantly in global markets, attention turns to fuel prices in Albania

Global oil prices experienced a sharp decline on Monday after a pause in fighting between the United States and Iran, marking the biggest daily drop since April 8.

Brent crude, which serves as a benchmark for international markets, closed at $85.87 per barrel, down 11.3%. U.S. crude oil also recorded a significant decline, falling by around 7% to trade at $82.61 per barrel.

The development was influenced by a statement from U.S. President Donald Trump, who said that the United States had suspended strikes against Iran at Tehran’s request. He also warned that Washington is prepared to resume military operations if a new ceasefire agreement is not reached.

However, despite the easing of tensions, the situation on major maritime transport routes remains fragile. Traffic through the Strait of Hormuz continues to be far below normal levels, with fewer than 10 cargo ships passing through by Monday morning, compared with around 100 vessels on a typical day before the conflict.

Oil traders remain cautious due to threats from Iran-backed Houthi rebels to target Saudi tankers in the Bab al-Mandeb Strait, another strategic corridor for oil transportation.

According to Deutsche Bank analysts, potential attacks in the region increase the risk of simultaneous disruptions to oil exports from both the Persian Gulf and the Red Sea, adding further uncertainty to global energy markets.

“KORÇA BOOM”