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Oil prices have reversed dramatically. WTI crude jumped over 6% to $100.27, while Brent rose to $98.26. This comes just one day after WTI had crashed 16% on ceasefire news, in one of the most volatile 48-hour periods in oil market history.
The Strait of Hormuz remains restricted -- ships still require Tehran's permission for passage. Despite the ceasefire announcement, the strait has not been fully reopened, and global oil supply remains under threat. Additionally, Iran's accusations that the US is violating the ceasefire terms have unsettled markets and reignited supply fears.
Goldman Sachs analysts have warned that if the Strait of Hormuz remains closed or restricted, Brent crude could stay above $100 per barrel for the entire year. This would represent a sustained energy crisis with severe implications for Europe and Asia in particular.
The renewed oil price surge is putting pressure on gasoline prices, natural gas, and overall inflation worldwide. US gasoline prices are expected to reach $4.30 per gallon this month. Countries are accelerating work on alternative energy sources and strategic reserves to reduce vulnerability to Middle East disruptions.
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