Oil prices rise again

Crude oil prices in the international market have risen further on hopes of a possible second round of dialogue and peace agreement between the United States and Iran. Oil prices increased by about 3 percent compared to the previous day on Tuesday (April 28).

According to a Reuters report, Brent crude oil was sold at $111.22 per barrel in the international market today, which is $2.99 ​​or about 2.76 percent higher than Monday.

Similarly, the price of West Texas Intermediate (WTI) oil also increased. WTI was sold at $98.91 per barrel on Tuesday, which is $2.54 or about 2.64 percent higher than the previous day.

Meanwhile, energy market analysts have commented that the oil price exceeding $110 per barrel is a ‘danger signal’ for the market. According to Jorge Leon, an analyst at Rystad Energy, geopolitical risks are playing a major role in determining oil prices in the current situation, which is a concern for market stability.

He added that traders are worried about long-term disruptions to global energy supplies as peace talks remain uncertain and the situation in the Strait of Hormuz remains unclear. Even with a possible deal, if the Strait of Hormuz crisis is not resolved, oil markets could remain volatile.