WASHINGTON (dpa-AFX) - After skyrocketing yesterday, crude oil prices have continued to surge on Tuesday as the ongoing shutdown of the Strait of Hormuz kept supply disruption concerns alive. In addition, the prospect of peace talks between the U.S. and Iran remain subdued as Iran is yet to confirm its participation.
WTI Crude Oil for May month delivery was last seen trading down by $3.99 (or 4.45%) at $93.60 per barrel.
Earlier in April, U.S. President Donald Trump announced a two-week ceasefire in the war between U.S.-Israeli forces versus Iran.
Negotiators from the two countries subsequently met in Pakistan for peace talks. However, the negotiations failed and following the collapse, Trump stepped up his offensive by ordering a blockade on all ships entering or exiting Iranian ports.
In the next couple of days, Trump confirmed a second round of negotiation between both the nations, set to happen in Pakistan.
On Sunday, Trump announced via his social media platform Truth Social that U.S. forces have captured a vessel linked to Iran.
Calling this act 'armed piracy' and 'a violation of ceasefire,' Iranian officials reportedly expressed 'distrust with the U.S.' and declined to participate in any dialogue.
With the two-week ceasefire set to end by tomorrow, supply disruption concerns increased over fears of a long-drawn and devastating war in the Middle East, and as a result, panic gripped markets.
While the uncertainty over talks loomed large, accusing Iran of violating the ceasefire several times, Trump claimed that U.S. forces have already obliterated Iran's navy and added that Iran has no other choice than to accept a peace plan.
Earlier, Trump threatened destroying all power plants and bridges in Iran if it fails to come for a deal.
Trump also stated that the new deal will guarantee peace, security, and safety for all countries.
Today in an interview with CNBC, Trump declined to extend the ceasefire and reaffirmed of a 'great deal' coming up, relatively quickly. Trump added that if Iran strikes a deal, it can become a strong nation.
In a telephone interview with Bloomberg News, Trump reiterated that the U.S. has got 'all the time in the world' and is in no rush to make a bad deal.
However, Iran has refused to involve in any negotiatory process held under the 'shadow of threat' and claimed of having 'new cards on the battlefield.'
While speaking to Iran's state media IRIB, Iran's Foreign Minister Esmail Baghaei stated that Iran has not made a 'final decision' as Iran is faced with inconsistent behavior and unacceptable actions from the U.S. side.
Despite the prevailing uncertainty, investors remain optimistic about negotiations.
An extraordinary ministerial-level teleconference of the Council of the League of Arab States was held today to discuss Iran's attacks against Arab countries, which the league termed 'unlawful and reprehensible.'
The U.S. dollar index was last seen trading at 98.31, up by 0.24 points (or 0.24%) today.
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