Oil rises to its highest level in 3 weeks as the Strait of Hormuz continues to be closed
Oil prices rose on Monday, as US-Iranian peace talks faltered, adding more concerns about energy exports from the Middle East.
And Benchmark Brent crude futures rose more than 2% to reach a 3-week high of $107.97 a barrel in Asian trading, raising concerns about inflation and prompting traders to rule out cutting interest rates in developed markets this year.
While the ceasefire has frozen most of the military action in the war that broke out following US-Israeli strikes on Iran two months ago, markets are focusing on The closed Strait of Hormuz, which is almost devoid of ships carrying oil and gas shipments.
The average The price of liquefied natural gas for delivery in June to Northeast Asia reached $16.70 per million thermal units last week, nearly 61% higher than pre-war levels.
In a related context, analysts raised "Goldman Sachs" Their forecast for the price of Brent crude at the end of the year to $90 per barrel from $80, basing their expectations on the return of Gulf exports to normal at the end of June.
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