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Oil prices could rise dramatically (Image: Getty)
The price of crude oil could hit a dramatic $133.91 in the next few days, according to forecast by broker LiteFinance.
It comes as the fragile ceasefire between the US and Iran is on the verge of collapse following a direct naval confrontation in the Gulf of Oman.
President Donald Trump announced on Sunday that the US Navy successfully intercepted and seized the Iranian-flagged cargo ship Touska after it allegedly attempted to breach an American naval blockade.
While the US is dispatching a delegation led by Vice President JD Vance to Islamabad, Pakistan, for a second round of peace negotiations, Iranian state media has rejected the invitation.
Tehran has condemned the seizure of its vessel as an "armed robbery" and a violation of the existing truce, vowing to keep the Strait of Hormuz closed until the U.S. lifts its maritime siege.
The ceasefire is due to expire this Wednesday - and Tehram and Washington still seem miles away from a peace deal.
17 mins ago01:20 Callum Hoare
Asia markets open mixed
West Texas Intermediate futures surged 8.11% to $90.65 per barrel as of 8:03 p.m. Brent crude rose 7.21% higher to $96.90 per barrel.
South Korea’s Kospi was higher at 0.27% while the small-cap Kosdaq dropped 0.52%. Japan’s Nikkei 225 rose 0.62%, while the Topix gained 0.68%. Australia’s S&P/ASX 200 was 0.39% lower.
Hong Kong Hang Seng index futures were at 26,502, higher than the index’s last close of 26,160.33.
1 hour ago00:09 Callum Hoare
Iran attacked tanker
The U.S. seizure of the ship came after Iran attacked a tanker in the Strait of Hormuz on Saturday. Revolutionary Guard gunboats fired on the tanker and a container ship was hit by an unknown projectile, according to the United Kingdom Maritime Operations Centre.
2 hours ago00:07 Callum Hoare
Cargo ship hit
The US Navy on Sunday fired on an Iranian container ship in the Gulf of Oman and the Marines later took custody of the vessel.
2 hours ago00:06 Callum Hoare
Oil jumps up, stocks down in futures
The price of oil jumped sharply, and stock futures tumbled Sunday evening.
US crude oil jumped more than 7%, to about $90 per barrel, and international Brent crude oil rose 5%, to around $95 per barrel.
S&P 500 futures dropped nearly 0.8%, Nasdaq 100 futures fell 0.7%, and Dow futures tumbled 500 points, or 0.7%. Russell 2000 futures slid 1.4%.
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2 hours ago00:04 Callum Hoare
Crude forecast to hit $133.91
Analysis by LiteFinance shows that crude could hit a high of $133.91 this month, and a low of 82.72.
2 hours ago00:03 Callum Hoare
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Welcome to the blog. We will be keeping you updated on the latest in the Middle East and the markets across the world.
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