Oil prices surge amid reports of no U.S.-Iran talks, affecting global energy markets.
Oil prices have increased as hopes for deescalation in the conflict involving Iran fade, following Tehran's denial of direct talks with the United States. Brent crude futures rose nearly 2 percent on Thursday to top $104 per barrel, according to reports from Al Jazeera.
Statements from Officials
Iranian Foreign Minister Abbas Araghchi stated in an interview with state media that Tehran is not engaged in direct negotiations with Washington and has no intention of negotiating for now. White House Press Secretary Karoline Leavitt warned that Iran would be "hit harder" than ever before if it does not accept military defeat.
Iran's closure of the Strait of Hormuz, a key route for one-fifth of global oil supplies, has led to a surge in energy prices worldwide. Daily transits through the strait have dropped significantly, with only four vessels tracked on Tuesday compared to an average of 120 before the conflict, as per maritime intelligence data.
Oil prices are up more than 40 percent since the U.S. and Israel launched strikes on Iran on February 28, prompting countries to implement fuel rationing and energy conservation measures. This rise reflects ongoing tensions and attacks on energy facilities in the Middle East.
Asian stock markets reacted to the developments, with Japan's Nikkei 225, South Korea's KOSPI, and Hong Kong's Hang Seng Index opening lower on Thursday. Market experts indicate that prices may continue to climb until the strait is fully accessible, despite efforts by nations to use emergency stockpiles.
Tehran's actions, including claims that the strait remains open to non-enemy ships, have not restored normal traffic, exacerbating global supply concerns coordinated through the International Energy Agency.
