Oil prices in the United States have risen again, with US crude exceeding $117 per barrel, or about 5% more than its previous level, according to NBC reporting.
Global markets are closely watching developments over the next few hours as Donald Trump's Iran deadline approaches. Investors' attention remains focused on the impact that further escalation could have on energy supply, transportation costs and inflation expectations.
Trump has reportedly threatened to strike Iran's civilian infrastructure if Tehran does not reopen the Strait of Hormuz by 1:00 a.m. UK time on Wednesday.
The escalation of the conflict has added to the pressure on international markets. Since the start of the war on February 28, oil prices have risen sharply, while the effective closure of the Strait of Hormuz sea corridor has increased the risk of disruption to global supplies. Attacks on neighboring countries, rich in oil and gas, have further increased uncertainty in energy markets.
Economically, the Strait of Hormuz remains a critical hub for global hydrocarbon trade. Any restrictions on traffic through this corridor are quickly reflected in international oil prices, maritime insurance costs, and expectations of higher inflation in importing economies.
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