Saudi Aramco CEO Amin Nasser said the war has prevented large volumes of oil from flowing out in the past two months. He said it will take some time for the energy market to stabilize even after the war ends.
We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
Crude oil prices have risen after US President Donald Trump rejected Iran's offer to end the war.
On Monday morning, the price of international benchmark crude oil rose by $4.16 to trade at $105.55. Similarly, US West Texas Intermediate traded at $99.80. That is an increase of $4.38.
Crude oil prices had earlier fallen after hopes of peace talks. The blockade of the Strait of Hormuz by both Iran and the US has resulted in very little oil flowing through the Strait of Hormuz, which carries about 20 percent of the world's crude oil.
Saudi Aramco CEO Amin Nasser said that due to the war, large quantities of oil have not been able to flow in the last two months. He said that even if the war ends, it will take some time for the energy market to stabilize.
