Brent oil price in global markets reached $107 per barrel and US West Texas Intermediate oil price reached $101.
Publish dateWednesday 13 May 2026 - 09:24
Story Code : 354490
Afghan Voice Agency (AVA): Oil prices continue to rise, with West Texas Intermediate crude oil rising 3.2 percent to $101 per barrel, while Brent crude oil futures rose 2.8 percent to more than $107 per barrel.
As Brent crude oil crossed $107 per barrel on Tuesday, global energy markets have once again faced a growing supply shock, with no clear timetable for resolving the disruption in the Strait of Hormuz.
The Strait of Hormuz is one of the world's most important waterways for oil trade, which was closed after the United States blockaded Iranian ports. The strategic strait, which carries about 21 million barrels of oil, or one-fifth of global oil consumption, has been severely disrupted by its closure, severely disrupting global oil supplies. Even the use of alternative routes has not helped solve the problem and has increased transportation costs.
The escalation of tensions in the Strait of Hormuz last week once again pushed Brent crude prices above $101 per barrel, but market hopes for an initial agreement between Iran and the United States and the gradual reopening of the Strait of Hormuz have helped to reduce prices. However, oil prices rose by 3 percent on Sunday evening, after the US president, continuing his maximalist and overbearing approach, rejected Iran’s response to Washington’s proposal.
As Brent crude oil crossed $107 per barrel on Tuesday, global energy markets have once again faced a growing supply shock, with no clear timetable for resolving the disruption in the Strait of Hormuz.
The Strait of Hormuz is one of the world's most important waterways for oil trade, which was closed after the United States blockaded Iranian ports. The strategic strait, which carries about 21 million barrels of oil, or one-fifth of global oil consumption, has been severely disrupted by its closure, severely disrupting global oil supplies. Even the use of alternative routes has not helped solve the problem and has increased transportation costs.
The escalation of tensions in the Strait of Hormuz last week once again pushed Brent crude prices above $101 per barrel, but market hopes for an initial agreement between Iran and the United States and the gradual reopening of the Strait of Hormuz have helped to reduce prices. However, oil prices rose by 3 percent on Sunday evening, after the US president, continuing his maximalist and overbearing approach, rejected Iran’s response to Washington’s proposal.
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