Global crude oil prices surge amid rising US-Iran tensions

Kathmandu. Crude oil prices have risen in the global market. The price of the international benchmark, Brent crude, has increased as the deadline for the ultimatum given by US President Donald Trump to Iran to open the Strait of Hormuz approaches.

On the ICE Exchange in London, the price of Brent crude has risen by 2.33 percent to $112.63 per barrel.

Meanwhile, on the COMEX division of the New York Mercantile Exchange, the price of West Texas Intermediate (WTI) is also trading up by 0.2 percent at $112.70 per barrel.

On Sunday, Trump threatened to destroy Iranian energy facilities and bridges if the Strait of Hormuz was not seen reopened by 8 PM on Tuesday. This warning from Trump differs from previous signals.

Previously, he appeared willing to end the conflict without reopening the strait. However, Iran remains defiant. An Iranian minister has encouraged youth to form human chains at energy facilities. Meanwhile, Pakistan is attempting to mediate talks between the US and Iran, with meetings also being held with other leaders in the Gulf region.