LONDON – Global oil prices surged past $111 mark amid uncertainty over rising fears due to the closure of Strait of Hormuz and the shocking exit of UAE from OPEC+. The recent developments tightened nerves across the energy sector, as traders braced for what could come next in an already volatile global economy.
At the center of market anxiety is growing uncertainty over the Strait of Hormuz, which remained at standstill with no breakthrough between the US and Iran.
On top of that, the United Arab Emirates (UAE) officially announced its decision to exit OPEC+ alliance, citing its long-term strategic and economic vision, which raised fresh concerns about the future stability of coordinated oil supply management.
Crude Oil Prices
| Futures & Indexes | Last | Change | |
|---|---|---|---|
| WTI Crude | 99.49 | -0.44 | |
| Brent Crude | 111.19 | -0.07 | |
| Murban Crude | 106.70 | +2.51 | |
| Natural Gas | 2.671 | -0.020 | |
| Gasoline | 3.554 | -0.006 |
Market sentiment has been heavily shaken by multiple overlapping risks in West Asia. Investors remain worried about the lack of progress in negotiations between the United States and Iran, with no clear path toward de-escalation.
On Tuesday, US President Donald Trump said Iran described itself as being in a “state of collapse” and was seeking to reopen the strategic Strait of Hormuz as soon as possible. He further suggested that Iran’s internal leadership situation is unstable.
While expressing cautious optimism about a possible diplomatic outcome, Trump also warned that Iran acquiring nuclear weapons could pose a severe global threat, intensifying concerns already weighing on markets.
With geopolitical tensions rising and supply-side uncertainty growing, investors are closely monitoring developments around Iran, the Strait of Hormuz, and OPEC+ dynamics. Attention is also turning toward the upcoming US Federal Reserve policy meeting, which could further influence global market direction.
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