Samia al - Faqi
Oil prices rose strongly during the Asian dealings today, Tuesday, after Iran has denied any negotiations with the United States since the outbreak of war, contrary to the statements of United States President Donald Trump and returned concerns about supplies.
The contracts of the former Bernt for the delivery of May rose by 4.1 per cent to $104.07 per barrel, while the contracts of the Middle East crude increased by 4.2 per cent to $91.88 per barrel; as stated by the United States Agency (Bloomberg).
Oil prices had suffered severe losses of more than 10 per cent yesterday, following the announcement of the postponement of a strike against the Iranian electricity grid, referring to " very positive talks " with Iranian officials.
However, the President of the Iranian Parliament, Mohammed Bagre Ghalipav, categorically denied the existence of any talks, further ambiguous about the course of the conflict and the future of oil supplies.
On the ground, however, there were no clear signs of a cessation of hostilities, with the conflict entering its fourth week.
Oil had approached the level of $120 for the barrel earlier, after Iran ' s disruption of the Hirams Strait had threatened about 20 per cent of global supplies.
The Strait is one of the world ' s most important vital energy corridors, making any disturbance a direct factor in price escalation and increasing volatility.
In another development, a massive fire at the Valero Enrique refinery in Port Arthur, United States of America, contributed to the enhancement of supply concerns.
Local reports and videos showed a major explosion followed by a massive smoke escalation, prompting the authorities to order residents to stay in their homes.
The Port Arthur Matrix is one of the largest refineries in the United States, an honorary card of approximately 380,000 barrels per day, but it is not yet clear how the operations are affected by the incident.
