International oil prices surge over 6%

en.Wedoany.com Reported - Driven by market concerns over escalating tensions in the Middle East, international crude oil futures prices rose during trading on the 1st, with international crude oil futures prices increasing by more than 6%. As of 10:17 a.m. Eastern Time on the 1st, light crude oil futures for July delivery on the New York Mercantile Exchange once rose by $6.94 to $94.30 per barrel, an increase of 7.94%; London Brent crude oil futures once rose by $6.33 to $97.45 per barrel, an increase of 6.94%.

According to Iranian media reports on the 1st, Iran and the "Axis of Resistance" plan to completely block the Strait of Hormuz and launch operations in other directions such as the Bab el-Mandeb Strait. This news further heightened market expectations of supply disruptions, becoming a key driver behind the rapid rise in international crude oil prices.

George Leon, Senior Vice President and Head of Geopolitical Analysis at Rystad Energy, an international energy information service provider, said that once US-Iran negotiations break down, oil prices could surge sharply, impacting the global economy.

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