Kathmandu. With the Strait of Hormuz, which carries 20% of global energy flows, closed, the price of oil is again rising rapidly and no one is allowed to pass through. The US has claimed that it has imposed a complete blockade. Iran is also reluctant to open it. <\/p>\n
US President Donald Trump has warned, “If any plane passes through that route, fly it immediately.” After all this, a war-like situation is once again being created in Hormuz between Iran and America. <\/p>\n
Meanwhile, the disruption in global oil supply has worried the importing countries. Due to which the price of crude oil has increased sharply. <\/p>\n
The price of crude oil has been rising for the fifth consecutive day. This increase has come after Iran released footage of commandos boarding cargo ships in Hormuz. In addition, Iran’s air defense system has been reported to have hit enemy positions near Hormuz. <\/p>\n
US President Trump has said that Iran may have increased its weapons stockpile slightly during the two-week ceasefire. However, he has warned that the US military could deactivate it within a day. <\/p>\n
How much has the price of crude oil increased?TAG_OPEN_strong_33 <\/strong> <\/span> <\/p>\n Brent crude oil futures rose $1.23, or 1.17%, to $106.3 a barrel by 0107 GMT. WTI crude oil rose $1.07, or 1.12%, to $96.92. <\/p>\n Both benchmarks were already up more than 3 percent on Thursday following air defense activities over Iran and signs of a power struggle between hardliners and centrists inside Iran. It was up by about $5 a barrel. <\/p>\n The threat of war increased again<\/strong><\/span><\/p>\n }<\/p>\n The rise in oil prices can also indicate an increase. As the peace talks between the US and Iran are failing, both countries are looking for economic benefits to strengthen their negotiating position. Iran is insisting that ships must get Iran’s permission before leaving Hormuz. However, Trump claims that the US has complete control over this route. In addition, the US Navy has imposed a blockade targeting Iranian ports and ships. <\/p>\n Israel’s defense minister has said that Jerusalem is waiting for US approval to resume military operations against Iran. According to Trump, Israel and Lebanon have agreed to extend the ceasefire for three weeks. With all these updates, it is clear that the situation is extremely tense. <\/p>\n How much can the price of crude oil go?TAG_OPEN_strong_31 <\/strong> <\/span> <\/p>\n Reuters quotes a note from Haitong Futures as suggesting that the ceasefire is now picking the scales towards a new war. “If the US-Iran talks fail by the end of April and fighting resumes, oil prices could hit new highs for the year,” it said. \u2019<\/p>\n Macquarie estimates that the price of crude oil could find support between $85 and $90 in the near term. There could be a gradual increase to $110 as the supply situation improves. This could push the price of Brent to $150 a barrel due to a prolonged blockade in April. <\/p>\n According to Institutional Equities in Nuwa, the price of crude oil could reach between $110 and $150 due to the prolonged closure of the Strait of Hormuz. \u2013 Agency<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. With the Strait of Hormuz, which carries 20% of global energy flows, closed, the price of oil is again rising rapidly and no one is allowed to pass through. The US has claimed that it has imposed a complete blockade. Iran is also reluctant to open it. US President Donald Trump has warned, “If […]<\/p>\n","protected":false},"author":16,"featured_media":295826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-296558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/296558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=296558"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/296558\/revisions"}],"predecessor-version":[{"id":296559,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/296558\/revisions\/296559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/295826"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=296558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=296558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=296558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}