US sanctions on Iran likely to be extended, oil prices rise in global markets

Global energy markets have become unstable again due to news that the US naval blockade on Iranian ports may be extended. According to reports published in international media, the Donald Trump administration is preparing to extend the blockade.

Citing US officials, media outlets reported that plans have been made to limit ship traffic at the country's important ports to continue pressure on Iran's economy and oil exports. This possibility has had a direct impact on the global market.

On Wednesday morning, oil prices in the international market were seen rising again. The price of Brent Crude Oil, which has been rising for several days, has risen to more than $111 per barrel for June delivery. Similarly, the price of West Texas Intermediate (WTI) oil has also risen above the $100 mark.

According to analysts, the increase in tension in the Middle East and the fear of disruption of oil supply through the Strait of Hormuz have mainly made the market unstable. As a result, it is expected that the upward trend in fuel prices may continue.