International oil prices posted a modest short-term rebound. Uncertainty surrounding the Middle East and the Strait of Hormuz continued to fuel volatility in energy markets.
Odaily, a cryptocurrency-focused media outlet, reported on May 25, citing Gate data, that West Texas Intermediate and Brent crude each rose by about $0.60 in the short term.
WTI was trading at $95.3 a barrel, while Brent crude stood at $96.5 a barrel.
The gain came as expectations for negotiations between the US and Iran intersected with lingering uncertainty over the Strait of Hormuz. Iran had said earlier that it could not say an agreement with the US was imminent and that nuclear issues were not being discussed at this stage.
Market participants are also watching oil prices as a variable that could influence sentiment toward risk assets. If oil continues to rise, inflation concerns could intensify again, potentially weighing on cryptocurrencies including Bitcoin.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
