Oil prices have increased as traders closely watch potential diplomatic talks between the US and Iran during the UN General Assembly. The Iranian Revolutionary Guard Corps (IRGC) has criticized the US and Israel, calling for the region to be free from their "vile and criminal presence." The situation has heightened concerns over regional stability, with some analysts warning of potential disruptions to global oil supplies.
Meanwhile, reports indicate that the Strait of Hormuz, a critical shipping route, has seen a sharp decline in traffic. Before the conflict between the US, Israel, and Iran began on February 28, the strait handled about 125 large commercial ships daily. The drop in traffic reflects growing uncertainty and fears of further escalation.
The ongoing tensions have led to increased monitoring of the region by international traders and energy markets. While no immediate conflict has erupted, the potential for further diplomatic or military action remains a key concern for global oil markets. The situation continues to evolve, with key players closely observing developments.
