Oil prices moved higher on Tuesday morning after the White House rejected an Iranian peace proposal, while there was still no immediate prospect of the reopening of the Strait of Hormuz, according to market reports.
© Galina Sandalova | Dreamstime
A barrel of Brent crude, the European benchmark, rose to $110.75, up from $108.52 on Monday afternoon.
Meanwhile, WTI crude, the main US benchmark, increased to $98.38, compared with $96.72 in the previous session.
The Strait of Hormuz remains one of the world's most important energy shipping routes, and any disruption or uncertainty surrounding access typically places upward pressure on oil markets. Higher crude prices are likely to renew concerns around transport costs, manufacturing input prices and inflationary pressure across global supply chains.
For furniture, interiors and broader retail sectors, sustained energy price increases can affect freight rates, raw materials, consumer confidence and household discretionary spending.
Markets will continue to monitor geopolitical developments closely, particularly any signals relating to shipping flows, diplomatic negotiations and the potential easing of supply risks in the Gulf region.
Source: www.wood-supply.dk
