Crude oil prices increased slightly again on Tuesday in the global market, as investors await details of a preliminary agreement reached between the United States and Iran to end the war.
The market remains uncertain at the moment, while concerns about a possible delay in the full restoration of oil shipments through the Strait of Hormuz are also causing prices to rise. In the international market, the price of Brent crude oil futures rose 26 cents to $83.42 per barrel, while US West Texas Intermediate (WTI) crude oil traded at $81.12 per barrel after rising 46 cents.
It should be noted that oil prices had fallen by about 5 percent on Monday, when US President Donald Trump announced that a preliminary memorandum of understanding had been signed between the United States and Iran to end the war. The announcement raised hopes in the global market that the Strait of Hormuz, a key shipping route for about a fifth of the world’s oil, would be reopened.
However, the full details of the agreement have not yet been revealed and no final agreement has been reached on a permanent ceasefire. According to initial reports, it includes a proposal for the possible restoration of the Strait of Hormuz and a 60-day extension of the ceasefire, so that negotiations can continue on other sensitive issues, including Iran’s nuclear program.
Iranian President Masoud Peshmerga has described the agreement as a significant step towards stopping the fighting, but he says that a final agreement for lasting peace has yet to be reached. According to market analyst Tim Waterer, the real situation will become clear after the details of the agreement are revealed, and until then, uncertainty will remain in energy markets.
Meanwhile, a senior Iranian official has also indicated that Iran will limit its nuclear activities until a final agreement is reached, but a full agreement has not yet been reached on stopping uranium enrichment and the expansion of nuclear facilities.
Experts say that while the current progress is positive, it will take time for global supply to fully recover. According to analyst Tony Sycamore, factors such as the clearance of sea routes, the restoration of insurance, the return of confidence of shipping companies and the repair of damaged infrastructure could slow down this process.
According to experts, until the situation in the region fully returns to normal, oil prices in the global market are likely to continue to fluctuate.
