Oil prices rise amid 10-week conflict disrupting maritime traffic
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Donald Trump rejected a peace proposal from Iran, deepening a 10-week conflict in the region. Tensions around the Strait of Hormuz have led to serious disruptions in global energy flows.
Oil prices have risen as shipping through the critical waterway has declined. The region remains a high-risk zone for international energy trade.
Trump rejected Iran's peace proposal, extending a 10-week conflict at the Strait of Hormuz, where attacks are disrupting oil and gas supplies. Oil prices are rising and diplomacy is at an impasse — the US is counting on enlisting China to pressure Iran.
Rising oil prices will affect the cost of gasoline, electricity and goods delivery — it will hit your budget in the coming weeks. Without a diplomatic breakthrough, the conflict will deepen, meaning further increases in energy prices and instability in global supply chains.
Mehmet Yılmaz