Oil Prices Soar Amid Tensions Between Iran and the United States

Amid escalating tensions and attacks between Iran and the United States in Asia, crude oil prices are once again seeing a sharp rise. International crude oil prices are nearing $80 a barrel on Tuesday due to energy supply concerns. Ajay Kedia, director of Kedia Advisory, said that the price of crude oil rose to about $79 a barrel on Tuesday, taking the weekly increase to more than 10 percent. Ajay Kedia, director of Kedia Advisory, said that US President Donald Trump has re-imposed sanctions on Iranian ships passing through the Strait of Hormuz. Also, payment terms have been implemented for all remaining cargo using this route as of 4 pm (Eastern Time) today. Trump proposed a 20 percent reimbursement on cargo and said that countries that are benefiting from US efforts to secure the Strait of Hormuz should also buy a share of the costs.