Oil Prices Rise Again in Global Markets Amid Supply Concerns

Crude oil prices have risen again in the international market as concerns over global energy supplies increased due to ongoing tensions between the United States and Iran and uncertainty over a possible diplomatic solution.

On Tuesday (August 4), Brent crude prices in Asian markets rose by around 1.3 percent to $84.89 per barrel. The increase came a day after oil prices dropped nearly 7 percent following US President Donald Trump’s announcement that a possible strike on Iran had been put on hold.

Meanwhile, the price of US West Texas Intermediate (WTI) crude also increased by nearly 1 percent, reaching $81.11 per barrel.

Analysts said tensions surrounding the Strait of Hormuz have become one of the biggest factors affecting the oil market. A significant portion of the oil and gas produced by Gulf countries is transported through this strategically important waterway to global markets.

Earlier, Trump said he was refraining from launching new strikes in order to advance discussions with Iran. However, Iran has stated that no new talks are taking place with the United States, increasing uncertainty over the possibility of an agreement between the two countries.

Market analysts warned that if the dispute over the Strait of Hormuz is not resolved, global energy supplies could face risks. As a result, oil prices may experience further volatility in the coming days.

Meanwhile, shipping activities in the Strait of Hormuz remain risky. A maritime security agency reported that a cargo vessel near Oman’s Al Khasab coast was hit by an unidentified object on Tuesday.