War in Iran, oil prices rise again above $100 per barrel

Oil prices have risen again this morning as the war in Iran continues. At 05:30 GMT local time, the price of Brent crude oil was fluctuating around $104 per barrel, while the United States and Iran remain in disagreement over a peace plan.

As the March 28 deadline approaches for President Donald Trump’s ultimatum to Iran to reopen the Strait of Hormuz, markets are hoping the conflict will move toward a window for de-escalation.

Over the weekend, Brent oil prices, the global benchmark, rose to $113 per barrel due to fears that the conflict was escalating, before falling this week. Brent crude has increased by more than 40% since the start of the conflict.

Shares of Western gas suppliers have emerged as beneficiaries of the US-Israel war against Iran, as investors expect companies with supply routes that bypass the Middle East to reap windfall profits from high energy prices. Natural gas futures early Thursday were just below $3.

While Europe imports relatively little gas directly from Qatar, the world’s second-largest LNG producer, the effective closure of the Strait has forced Asian buyers to compete with Europe for US cargoes, pushing global prices higher.

“KORÇA BOOM”