The price of crude oil in the global market has surged again after U.S. President Donald Trump rejected Tehran’s response to Washington’s proposal for a ceasefire, known as the “Otay-shington offer.” On Tuesday, Brent crude oil prices rose by 3.17 percent to $104.50 per barrel, and the price of U.S. unrefined oil increased by 3.21 percent to nearly $98.48.
Mike Waltz, the U.S. ambassador to the United Nations, stated that the United States has drawn a clear red line or limit in its latest proposal. However, President Trump deemed Iran’s response “completely unacceptable” and dismissed it.
The possibility of reopening the Strait of Hormuz, a crucial sea route for transporting approximately one-fifth of the world’s oil and gas, is now in jeopardy due to the lack of a peace agreement in recent weeks. According to reports in Iran’s state media, a senior Iranian military official has warned that ships from countries enforcing sanctions against Iran will face problems if they attempt to traverse this strait.
The United States has maintained its naval blockade on Iranian ships and ports. Last Friday, the U.S. military attacked two Iranian-flagged oil tankers carrying crude oil, in an effort to invalidate the blockade.
Currently, the price of unrefined oil is almost $20 higher per barrel than before the war, and the price of U.S. unrefined oil is roughly $10 higher. This surge in oil prices is costing Americans more at the pump. According to data from the American Automobile Association, the average price for a gallon of gas in the country is now $4.52, compared to less than $3 before the war.
Analysts believe that Trump’s rejection may lead to an extended period of conflict in the Middle East, which will directly impact the global oil market.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report