The barrel price of Brent oil, which rose to $102.63 yesterday, ended the day at $101.69.
The forward barrel price for Brent oil rose 4 percent compared to today's reporting date to 14.51 and reached $ 105.75. At the same time, West Texas Intermediate (WTI) crude oil sold for $101.47 per barrel.
Oil prices continue to rise due to the Strait of Hormuz closure to shipping for more than eight weeks and ongoing uncertainties in US-Iran negotiations.
Markets began to price in that the disruption in the Strait of Hormuz, through which about 20 percent of the world's daily flow of oil and LNG flowed before the war, would last longer than expected. In the early days of the war, analysts predicted that the disruption in the strait would be short-lived and the passage would reopen in April.
It was also claimed that US President Donald Trump “did not take kindly” Iran's offer to move negotiations on its nuclear program to the next stage in order to reopen the Strait of Hormuz.
Two officials familiar with the matter told CNN that President Trump “does not view this offer favorably” and that opening the Strait of Hormuz without resolving the nuclear issues could “weaken the influence” in the hands of the United States.
It was claimed that Iran submitted a new proposal to the US yesterday to reopen the Strait of Hormuz and suggested moving negotiations on the nuclear program to the next stage.
The news that the US is keeping its distance from Iran's supply and the ongoing naval blockade is restricting supply and supporting prices.
On the other hand, experts predict that low inventories and the need to replenish both commercial and strategic reserves will continue to support oil prices in the coming period.
It is stated that technically, $105.9 can be considered as resistance and $102.26 as support zone for Brent oil.
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