International Oil Prices Rise After US Reimposes Iran Sanctions

The international oil market has seen a significant surge in prices, with a rise of over 8%, following the US decision to reimpose sanctions on Iran.

After the announcement, the price of international benchmark crude oil exceeded $84 per barrel, while the price of US crude oil surpassed $79 per barrel.

Analysts attribute the rise in oil prices to growing tensions in the Hormuz Strait and concerns about potential disruptions to energy supplies.

About a fifth of the world’s crude oil passes through this waterway, but so far, there have been no major disruptions to oil supplies.

However, the potential risks have led to increased pressure on the prices of oil, diesel, petrol, and aviation fuel, according to international media reports.