World stares at 2008 like recession, crude oil prices may reach $200 if Hormuz remains closed: Reports

Crude Oil Market Climbs as Jitters Persist amid US-Iran Stalemate

By Adedapo Adesanya The crude oil market climbed on Friday, as ​investors worried that the US and Iran would be unable to reach a peace agreement that would allow shipping traffic ‌to return to normal in the Strait of Hormuz. Brent crude futures settled at $103.54 a barrel, up 96 cents, or 0.94 per cent, while the

Oil Prices Stay Elevated as Hormuz Talks Continue; Global Markets Await Breakthrough - Business News LK

The latest round of discussions comes at a critical time for the global economy. While officials say some progress has been made, major differences remain over Iran’s enriched uranium programme and the reopening of the Strait of Hormuz, a narrow shipping channel through which around one-fifth of global oil and liquefied natural gas exports normally pass. Iranian Foreign Minister Abbas Araqchi met Pakistan’s Interior Minister Syed Mohsin Naqvi in…

World stares at 2008 like recession, crude oil prices may reach $200 if Hormuz remains closed: Reports

New Delhi: With US-Iran war tension shows no signs of abating, the global energy market remains in throes indicating a downturn in massive world economies. The shock US attack on Iran on February 28 is about to complete three months on May 28 and with this the Strait Of Hormuz, the global chokepoint from where one-fifth of the global energy passes, is also shut. Meanwhile, a report from the global research firm, Wood Mackenzie, has warned of dir…