The US-Iran negotiations failed to make any breakthrough. As a result, US President Trump immediately ordered the blockade of Iranian ports. The benchmark price of US crude oil rebounded above $100 per barrel on Monday.
AFP reported that shortly after the market opened on Monday (April 13th), the May delivery of US West Texas Intermediate crude oil (WTI) rose by approximately 8% to $104.50 per barrel; while the June delivery of the international benchmark Brent crude oil increased by 7% to $102 per barrel.
On April 8th, oil prices recorded their biggest decline in nearly six years. Brent crude oil plummeted by 16% to $92 per barrel at one point.
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