Oil Rises Amid Supply Disruption Concerns
Singapore: Oil prices continued to rise on Monday amid growing concerns about a prolonged disruption to Middle East supplies, stemming from retaliatory attacks between the United States and Iran on ships in the Strait of Hormuz and other areas.
Brent crude futures were up 52 cents, or 0.54%, to $96.80 a barrel, while US West Texas Intermediate (WTI) crude futures was up 66 cents, or 0.72%, to $92.14 a barrel.
Brent crude gained 7.8% last week, while WTI rose nearly 10%, after the US and Iran resumed their attacks, reducing oil flows through the Strait of Hormuz, which carried a fifth of the world's oil supply before the conflict.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment