Oil is up more than 3%. Iran is preparing a system of fees for passage through Hormuz

Brent crude oil prices jumped by almost 4% on May 21, exceeding $109 per barrel, after which they slightly reduced growth. US WTI futures added about 3.6%, trading at almost $102 per barrel.

Oil is getting more expensive amid the statement of Iran's ambassador to France: he told Bloomberg that the Islamic republic is discussing with Oman the creation of a permanent system of fees for passage through the Strait of Hormuz, which would formalize Tehran's control over maritime traffic through this strategic route. The strait has been almost completely closed since the outbreak of war in the Middle East, with Iran allowing only a limited number of ships through and the US blockading Iranian ports. This has led to a sharp rise in energy prices, increased inflationary pressures and triggered a global sell-off in government bonds.

The growth of oil quotations also accelerated after Reuters published about Tehran's position on the nuclear program: the agency's sources said that Ayatollah Mojtaba Khamenei ordered to keep enriched uranium inside the country. US President Donald Trump previously called the elimination of the Iranian nuclear program one of the key goals of the US campaign, CNBC recalls. On Wednesday, Trump said that the US is ready to resume military action against Iran if the negotiations do not give "100% correct answers."

The head of the International Energy Agency Fatih Birol warned on Thursday that the global oil market could enter the "red zone" in summer if the Strait of Hormuz does not open soon. Seasonal demand growth will start to rapidly reduce global inventories, the IEA chief predicted.

This article was AI-translated and verified by a human editor