Global Oil Prices Surge Amid Uncertainty Over US-Iran Peace Talks

Washington D.C. Global crude oil prices have risen as doubts emerge over whether peace talks between the United States and Iran will resolve the energy supply crisis.

On Thursday, the price of Brent crude in the international market rose by 1.7 percent to $96.58 per barrel, while West Texas Intermediate also increased by 1.6 percent to $92.74 per barrel. Despite significant market volatility the previous day, prices remained relatively stable on Thursday.

Attacks by Israel and the United States in Iran have caused unprecedented disruptions to global energy supplies. In particular, the movement through the Strait of Hormuz has been affected, impacting approximately 20 percent of the world's oil and gas supply.

Analysts estimate that the flow of approximately 13 million barrels of oil per day has been affected. Although some pipelines and alternative routes are being used, supply has not yet fully normalized. Meanwhile, efforts are underway to resume peace talks. There are signs that negotiations could restart with Pakistani mediation, where Pakistani Foreign Minister Asim Munir is playing a significant role.

If an agreement is reached, Iran has signaled it could allow safe passage for ships through the Omani section of the Strait of Hormuz. This possibility has increased following a two-week ceasefire that began on April 8. However, U.S. sanctions and restrictions have further complicated the situation. U.S. Secretary of State Scott Bessent has stated that exemptions granted for certain oil transactions involving Iran and Russia will not be renewed.

On the other hand, as supply in the global market continues to decline while demand remains high, there is additional pressure on oil prices. Data showing a decrease in oil, gasoline, and other fuel inventories in the United States has also confirmed the supply crisis.