Oil prices volatile as Trump talks up Iran negotiations
Donald Trump spoke optimistically on Wednesday about the possibility of reaching a deal regarding the conflict in the Middle East. Brent crude rose to $101 a barrel at midday in the US before falling back to $98 as President Donald Trump spoke.
Iranian media on Wednesday cited leaders criticising the US peace proposal and presented their own terms for a ceasefire, including international recognition of Iran's "sovereign right" to control the Strait of Hormuz. White House press secretary Karoline Leavitt maintained on Wednesday that US attacks were working to convince the Iranian regime to negotiate, and said failure to reach an agreement would be a result of the Iranian regime refusing "to understand they have already been defeated". The US and Israel attacked Iran on February 28. Iran has effectively blocked the Strait of Hormuz since the start of the war, cutting off a waterway that usually sees about 20% of the world's oil and liquefied natural gas pass through each day. Philippine President Ferdinand Marcos declared a state of emergency in his country, which imports 98% of its oil from the Gulf. On Tuesday, the boss of energy giant Shell said oil shortages could hit Europe next month. Larry Fink, the boss of US financial giant BlackRock, told the BBC that a global recession could be triggered if the price of oil hits $150 a barrel.
In a message posted by its mission to the United Nations on Tuesday, Iran said it would allow "non-hostile vessels" to pass through the Strait of Hormuz, provided they coordinate with "the competent Iranian authorities". The US also lifted sanctions on Iranian oil on Friday.
Quick Summary
Tensions between the US and Iran continue to impact oil prices, creating volatility in the market. The conflict has disrupted global oil supplies - but what could this mean for the global economy?
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