Tensions between the US and Iran escalate as a critical deadline looms, threatening to disrupt the global oil market. US Treasury Secretary Scott Bessent has warned that Iran's oil storage facilities on Kharg Island will soon be full, forcing the country to shut in its "fragile" oil wells. The looming crisis has already sent oil prices soaring, with Brent crude breaching the $98 per barrel mark and US benchmark crude reaching $89.29. The ongoing uncertainty has also sparked mixed reactions in early Asian trading, with investors holding their breath as the US and Iran consider resuming talks to end their war.
US Treasury secretary Scott Bessent says Iran’s Kharg Island storage facilities will be full and their ‘fragile’ oil wells shut in mere days because of the blockade; oil prices rise amid ongoing uncertaintyTrump announces extension of Iran ceasefire until ‘discussion concluded’Shares have been mixed in early trading across Asia, while oil prices have eased on hopes the US and Iran may resume talks to end their war.The price of Brent crude edged 0.2% lower but was still above $98 a barrel. US benchmark crude fell 0.4% to $89.29 a barrel. Continue reading...
