Oil Prices Rise Amid Iran Tensions and Declining Global Stocks

Global oil prices climbed as uncertainty persists over the conflict with Iran and concerns grow regarding dwindling global reserves. Brent crude futures rose 0.77% to $105.83 per barrel, while West Texas Intermediate (WTI) increased 0.99% to reach $99.23. The upward trend follows a previous sharp decline of over 5.6% triggered by Donald Trump's statements that negotiations with Iran had reached a final stage, though he warned of new attacks if an agreement is not reached. Market volatility is further exacerbated by reports that Iran has increased its control over the Strait of Hormuz, effectively restricting the passage and impacting global oil and natural gas shipments. Supply pressures have intensified following a draw of approximately 10 million barrels from the U.S. Strategic Petroleum Reserve last week, alongside a 7.9 million barrel decrease in commercial crude inventories.