NEW YORK – Global crude oil prices moved higher, with Brend crude settling near USD 88.50 per barrel and WTI hovering around USD 83.00 per barrel. This is following a stall in U.S.-Iran diplomatic talks, compounding supply security concerns across critical maritime chokepoints including the Strait of Hormuz and the Bab el-Mandeb Strait. Although major forecasters revised down 2026 global demand growth projections, ongoing security risks and regional shipping disruptions continue to restrict active crude supply, supporting near-term crude valuations and elevating freight risk premiums across international energy transit routes.
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(Source: The Star)
