Crude Oil Price Soars to $125 Per Barrel Amid US-Iran Tensions

Crude oil price: After the US and Iran failed to reach an agreement on peace talks, the price of crude oil is once again on the rise. The impact of the ongoing war between the two countries is being seen worldwide for the last two and a half months. Crude oil prices were close to $70 per barrel before the war started, which rose to $125 per barrel in the last few days. Oil prices recorded a big jump of $3 per barrel in early trade on Monday. The main reason for this boom is the disagreement between the US and Iran over the peace proposal. It has had a direct impact on the global market. Amid this tension, the strategically important Strait of Hormuz (Strait of Hormuz) route is also almost closed, which has reduced the energy supply worldwide. Look at the latest market data, Brent crude has jumped more than 3% to reach $3 per barrel in the West Texas Intermediate (WTI).