Arabic version: أسعار النفط تتغير مع تحديد ترامب موعدًا نهائيًا لاتفاق إيران

Global oil prices have fluctuated ahead of a deadline set by US President Donald Trump for Iran to open the crucial Strait of Hormuz shipping route. The price of global benchmark Brent crude rose above $111 (£84) a barrel in early trade on Tuesday before dropping to $109. Trump’s ultimatum for Iran to agree to a deal by 20:00 Washington DC time on Tuesday (00:00 GMT Wednesday) has created uncertainty in the market.

According to BBC News, oil and gas shipments from the Middle East have been severely disrupted as Tehran threatens to attack vessels that try to use the strait in retaliation for US and Israeli airstrikes since 28 February. While Trump expressed hope that “reasonable” leaders in Iran were negotiating in “good faith”, the outcome remains uncertain.

Iran has so far rejected proposals for a temporary ceasefire, insisting on a permanent end to the war and the lifting of sanctions. The initial rise in oil prices suggests that investors believe it may be harder than expected for the US to reach a deal due to Iran’s hardline stance, and that the conflict could be drawn out.

In response to the situation, some Asian countries have made deals with Iran to get their ships through the strait, as their economies are heavily reliant on energy from the Gulf. However, challenges remain, including increased insurance costs for shipping and the potential for further supply issues due to the ongoing conflict. Jamie Dimon, chief executive of JPMorgan, has warned that rising inflation could lead to increased global interest rates.

As the deadline approaches, the UK will host a meeting of allied military planners and partners to discuss measures to secure the Strait of Hormuz once the conflict is over. The ongoing disruptions in this vital shipping route have already pushed up the price of energy around the world, raising concerns about inflation, particularly for major economies in Asia like Japan and South Korea.