Oil prepares for a new escalation with the end of the truce
US President Donald Trump is expected to announce this week what the new blockade on Tehran will consist of and whether he has any plan to keep the Strait of Hormuz open to trade.
The truce between the US and Iran ended without achieving any progress on peace or reopening the Strait of Hormuz. US President Donald Trump is set to announce a total economic war against Iran this week, which could lead to an indefinite closure of the strategic waterway and a surge in oil and gas prices. The price of Brent oil has already risen over $90 per barrel, up 15% in the past two weeks, and gas prices are also increasing, with the Dutch TTF gas hub price reaching €62.3 per megawatt-hour.
Iran has rejected extending the truce and has offered a $30,000 reward for the capture of US soldiers in the region.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
