The Strait of Hormuz, which transports oil and petroleum products, remains largely closed due to blatant Iranian attacks on ships following the outbreak of the war on February 28. Due to supply disruptions from the Middle East, refineries are seeking alternative sources of crude oil, particularly shipments in the United States. Mukesh Sadheve, founder and CEO of the consulting firm 'X Analysts', stated: 'The inability to open the Strait of Hormuz is increasingly becoming a matter of political success'. After receiving a framework plan from the US and Iran to end the war, oil prices rose: Brent crude reached $109 per barrel, while West Texas Intermediate (WTI) continued its ascent, reaching $112.50.
