World Oil Prices Surge Towards Two-Year Highs 0 19

Global oil prices continue to rise, aiming to break two-year highs. For the first time since early July 2024, the price of a barrel of Brent crude has exceeded $87. This is evidenced by trading data.

At the time of writing, the price, which peaked at $87.64, had increased by 1.94 percent to $87.07.

Prices continue to rise amid a virtual halt in shipments through the Strait of Hormuz, controlled by Iran, where not a single oil tanker has passed in the past day.

U.S. President Donald Trump, who earlier this week promised to establish insurance for hydrocarbon supplies at affordable prices and ensure naval escorts if necessary, now states that he is not concerned about the rising gasoline prices in the U.S. According to the head of the United States, quoted by Reuters, the military operation in the Middle East is now the priority, and prices "will fall very quickly when it’s all over." "If they rise, let them rise; that’s much more important than a small increase in gasoline prices," Trump also said, referring to the military operation against Iran.