April 23, 2026, 08:11April 23, 2026, 08:11
Oil prices rose for the third day in a row because of the Iran war. A barrel (159 liters) of Brent crude for delivery in June was traded at $103.23, more than one percent above the previous day’s level. The ceasefire in the Middle East is increasingly under threat.
US President Donald Trump has recently increased pressure on Iran and is reportedly giving the country just a few days to propose a way to end the war. However, with the blockade of the Strait of Hormuz, which is important for oil trade, Tehran sees itself in a position of strength.
The lack of new negotiations to end the Iran war is unsettling investors on the raw materials markets. Since the beginning of the week, crude oil from the North Sea has risen almost seven dollars a barrel and US oil has risen almost four dollars a barrel.
Expert Dennis Kissler from the financial service provider BOK Financial Securities assumes that the price increase will continue until one of the two warring parties gives in. In his opinion, negotiations on an agreement are deadlocked. “The longer oil doesn’t flow through the Strait of Hormuz, the further prices will rise,” said Kissler.
Washington and Tehran are currently at an impasse on several key issues critical to ending the war, including Iran’s nuclear program. (sda/awp/dpa)