Brent Oil Prices Top $114 as Market Braces for Prolonged Disruption
Oil prices are extending their gains early on Wednesday, with Brent jumping to over $114 and WTI exceeding $103 per barrel, as oil market participants weigh the stalled U.S.-Iran negotiations and the possibility of an extended U.S. blockade outside the Strait of Hormuz. As of early morning in Europe
Oil prices are extending their gains early on Wednesday, with Brent jumping to over $114 and WTI exceeding $103 per barrel, as oil market participants weigh the stalled U.S.-Iran negotiations and the possibility of an extended U.S. blockade outside the Strait of Hormuz. As of early morning in Europe, the front-month Brent Crude futures rallied 2.95% to trade at $114.50 after hitting the highest level in more than a month, as media reports and signals from the U.S. Administration point to a prolonged U.S. naval blockade in the Gulf of Oman outside…