Oil prices jump after Iran's latest statement
Photo: Prices for black gold have risen again (Getty Images)
On August 4, oil prices jumped once again, as the possibility of a diplomatic resolution to the conflict between the US and Iran remains uncertain, according to Reuters.
Brent crude oil futures for next month’s delivery rose by $1.04, or 1.24%, to $84.81 per barrel.
It is important to note that the day before, they had fallen by 7%, hitting a three-week low.
Against the backdrop of recent events, US West Texas Intermediate (WTI) crude rose by 30 cents, or 0.37%, to $80.64 per barrel.
Incidentally, during the previous session, its price had slumped by over 5%, falling to its lowest level in nearly a week.
The day before, prices plummeted after US President Donald Trump stated that he was refraining from new strikes against Iran until negotiations to end the war were concluded.
However, on August 3, Iranian Foreign Ministry spokesperson Esmail Baghaei refuted Trump’s remarks.
He stated that there were no negotiations or planned meetings with the US.
Ahmad Assiri, a research strategist at Pepperstone, explained that the subsequent slight rise in prices indicated that investors were still not fully pricing in the risk of a new escalation. He added that as a result, the market remained extremely sensitive to geopolitical news
Trump recently named a possible date for the full reopening of the Strait of Hormuz.
In addition, the US President threatened Iran with total surrender and nuclear disarmament the day before.
Trump also explained why he unexpectedly backed down in the war in the Middle East.
