At one point, Brent and WTI oil prices surged to nearly $120 per barrel, their highest levels since 2022, due to concerns about supply disruptions in the Strait of Hormuz – a shipping route for about 20% of global oil. However, the price surge quickly cooled after US President Donald Trump suggested the conflict with Iran could soon end.
According to CNBC, at the close of trading on Monday, Brent crude oil settled at $98.96 per barrel, up 6.76% from the previous session, while WTI crude reached $94.77 per barrel. Oil prices are now continuing to fall in after-hours trading, with Brent crude retreating to around $88 and WTI crude to $85 per barrel. This decline follows US President Donald Trump's suggestion that a war with Iran could soon end, and his indication that Washington is considering controlling the strategic shipping lanes through the Strait of Hormuz.
Before plummeting, oil prices had been driven to record highs due to severe supply bottlenecks.
In addition, Reuters, citing informed sources, reported that the Trump administration is considering easing sanctions on Russian oil to curb global energy prices. This information emerged shortly after a phone call between Trump and Russian President Vladimir Putin. Putin had previously affirmed Russia's readiness to supply oil and gas to Europe.
Before plummeting, oil prices had been driven to astronomical levels due to severe supply bottlenecks. Escalating conflict brought the Strait of Hormuz, a transit point for approximately 20% of the world 's oil and liquefied natural gas (LNG), to a near standstill.
Saudi Arabia's state-owned oil company Aramco and other member states of the Organization of Petroleum Exporting Countries (OPEC), such as the United Arab Emirates (UAE), Iraq, Kuwait, and Qatar, have been forced to cut production due to the inability of oil tankers to navigate and storage facilities being full.
Facing the threat of an energy crisis, international officials are urgently seeking solutions. According to CNBC, G7 energy ministers are expected to hold another meeting on the morning of March 10th, on the sidelines of a nuclear energy conference, to further discuss the possibility of jointly releasing oil reserves.
In the US, the administration is considering several options, such as restricting exports, intervening in the oil futures market, granting federal tax breaks, or lifting the requirement to use US-flagged vessels for domestic fuel transport.
Meanwhile, the impact of soaring energy prices has spread globally. Aviation is one of the industries hardest hit as fuel prices have skyrocketed, leading to increased ticket prices and the risk of flight disruptions.
In Pakistan, Prime Minister Shehbaz Sharif announced the closure of schools for two weeks and called for increased work-from-home to reduce fuel consumption. In Europe, Hungarian Prime Minister Viktor Orban imposed a fuel price ceiling and urged the European Union (EU) to suspend sanctions targeting Russian energy.
Source: https://vtv.vn/gia-dau-the-gioi-ha-nhiet-100260310090840862.htm
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