On Thursday, U.S. crude oil prices increased nearly 4% to $101.96 per barrel, while Brent crude rose about 3% to $108.34, following reports that Iran's supreme leader, Ayatollah Mojtaba Khamenei, has ordered that the country's enriched uranium remain in Iran.
This stance is expected to hinder ongoing peace negotiations with the U.S., which have seen little progress since a fragile ceasefire was established last month. President Donald Trump emphasized the importance of dismantling Iran's nuclear program and indicated a willingness to resume military action if negotiations do not yield satisfactory results.
Additionally, the Strait of Hormuz, a vital trade route for oil, remains blocked by Iran, leading to significant disruptions in shipping traffic. The International Energy Agency has warned that if the Strait does not reopen, the oil market could face severe shortages this summer as demand increases.
IEA chief Fatih Birol highlighted that global oil stockpiles are likely to deplete, further intensifying the situation in the oil market