Iran-US Tensions Spike Crude Oil Prices

New York. With the tensions between Iran and America escalating again, the price of crude oil in the international market has reached its highest level in several weeks. The price of oil increased by about 1 percent in Asian trading the day after US President Donald Trump said the peace agreement with Iran had ended.

Concerns have increased that further disruption to the world market's energy supply from West Asia may occur after Iran targeted ships passing through the Strait of Hormuz. This is analyzed as the reason for the rise in oil prices in the international market.