Crude Oil Prices Rise Amidst Strait of Hormuz Tensions and Failed Negotiations

New York. Crude oil prices have increased in the international market. On Wednesday, crude oil prices rose as the possibility of successful negotiations regarding the reopening of the Strait of Hormuz dimmed amidst ongoing attacks on ships in West Asia.

On that day, the international benchmark Brent crude oil price at ICE Exchange's Comex division in London rose by more than 2 percent per barrel, nearing $90. At 3 GMT, Brent crude for October delivery was trading at $89.61. This is 24 percent higher than before the US and Israel attacked Iran at the end of February.