Crude oil prices extended their gaining streak to five days today, with Brent crude trading at $106.30 per barrel at the time of writing and West Texas Intermediate at $96.68 per barrel.
Bloomberg attributed the continued price rise to President Trump’s latest social media posts, which suggest the prospect of peace with Iran remains distant. The publication cited two unnamed U.S. government officials as saying that the U.S. president’s recent social media activity and the continuing blockade of Iranian ports have not been conducive to progress on the peace talks that Pakistan is mediating.
Brent crude and WTI have gained a cumulative 17.13% and 15.13%, respectively, this week, Reuters reported. Earlier today, the benchmarks got a fresh boost from reports of strikes against Tehran. Some analysts warn that the ceasefire may only provide a pause to the hostilities before they resume, pushing oil prices even higher later in the year.
A couple of tanker seizures from the U.S. Navy have reinforced pessimistic expectations, with Iran vowing retaliation and fulfilling that promise by seizing two other vessels.
