Arabic version: أسعار النفط ترتفع رغم اقتراح إيران لإعادة فتح الممر المائي الرئيسي
Oil prices are continuing to climb, with Brent crude rising more than 1 percent on Tuesday, reaching $109.42 per barrel. This surge comes despite Iran’s proposal to end its effective blockade of the Strait of Hormuz in exchange for deferring nuclear negotiations with the United States. According to Al Jazeera, traders remain concerned about the ongoing blockade of this critical waterway, which is essential for global fuel supplies.
The Iranian Foreign Minister, Abbas Araghchi, has shared proposals to reopen the strait with interlocutor Pakistan, amid stalled negotiations between Washington and Tehran regarding Iran’s nuclear program. However, the U.S. has not publicly responded to Iran’s offer, which seeks to set aside discussions on the contentious nuclear issue.
The blockade has significantly impacted maritime traffic, with only eight vessels crossing the strait on Sunday, a sharp decline from 19 transits the previous day. This reduction in shipping activity highlights the strain on global oil and natural gas supplies, as before the U.S. and Israel launched their war on Iran on February 28, an average of 129 vessels transited the strait daily.
The ongoing conflict and threats to commercial shipping have led to a substantial decrease in global oil production, estimated at 14.5 million barrels per day by Goldman Sachs. Experts in shipping and logistics caution that even if a deal is reached between the U.S. and Iran, it may take months for energy flows to stabilize due to backlogs, infrastructure damage, and the need to clear mines from the waterway.
