New York:Oil prices in global markets increased by more than 1% on Thursday, following statements by US President Donald Trump, who declared that "there is no need for an agreement with Iran."
According to Maan News Agency, the rise in oil prices affected both Brent crude and West Texas Intermediate futures contracts. This increase is attributed to market reactions to Trump's comments on the US position regarding Iran, which could have significant implications for geopolitical tensions and energy supplies in the region.
The oil markets are paying close attention to developments in US-Iranian relations, particularly due to the strategic significance of the Strait of Hormuz. This passage is crucial for transporting substantial quantities of oil to global markets, making it a focal point for potential disruptions in energy supply.