Oil prices rise again on Trump’s order to ‘extend’ Iran’s naval blockade

The global oil price continues to rise on news that the US naval blockade of Iranian ports may be extended. Various international media outlets have reported that US President Donald Trump has ordered his aides to prepare to extend the blockade.
The Wall Street Journal confirmed this information on Tuesday (April 28) night, citing US officials. The report said that Trump has decided to extend the ban on shipping at the country’s ports to maintain pressure on Iran’s economy and oil exports.
Following this news, oil prices rose again on Wednesday morning in the global market. Brent crude oil prices have been rising for eight consecutive days in the international market. The price of this oil for June delivery rose by 52 cents to $111.78 per barrel. The price of July delivery also rose by 0.4 percent to $104.84 as the June contract expired this week.
West Texas Intermediate (WTI) crude oil prices rose 57 cents, or 0.57 percent, to $100.50 a barrel, having risen in seven of the past eight trading sessions. Analysts say disruptions to oil supplies through the Strait of Hormuz and the Trump administration’s tough stance continue to wreak havoc on the oil market.

Source: Al Jazeera