Iran crude trades above $109 as US blockade lingers in Hormuz
The price of Iranian oil in global markets rose to as high as $109.53 per barrel, according to the latest data published by OilPrice and cited by Tasnim news agency on Wednesday.
Tasnim reported that prices for Iranian crude grades increased by $2.04 on Tuesday, based on the latest available data from the energy pricing website.
Iranian Light crude for delivery to Northwest Europe was priced at $108.28 per barrel, while Iranian Heavy and Forozan Blend traded at $106.38 and $106.63 per barrel, respectively, in the region.
In the Mediterranean market, Iranian Light crude was priced at $107.63 per barrel, while Iranian Heavy stood at $105.48 and Forozan Blend at $105.73 per barrel.
The highest recorded price for Iranian crude was at Egypt’s Sidi Kerir port, where Iranian Light crude reached $109.53 per barrel. Iranian Heavy crude was priced at $107.38 per barrel and Forozan Blend at $107.63 per barrel in the same market.
Oil prices continued to hover around triple-digit levels as the prolonged standoff between the United States and Iran kept traders on edge. Brent crude remained above $110 per barrel on Wednesday as investors anticipated an extended period of tension in the Middle East, after rising sharply from last month’s low of $86.
Market analysts said there was a possibility that tensions between Washington and Tehran could persist throughout the year. US President Donald Trump said on Sunday that the United States would strike Iran to push Tehran toward an agreement. The two sides agreed to a ceasefire on April 8 after a 40-day US-Israeli aggression against Iran.
However, Trump said a day earlier that countries including Saudi Arabia and the United Arab Emirates had asked Washington to delay any attack while negotiations between the two sides were continuing.