Shafaqna English– Crude oil prices experienced an upward movement at the start of the trading week on Monday, driven primarily by escalating geopolitical tensions in the Middle East.
Market sentiment was notably influenced by two key factors: first, the diminishing prospects for a diplomatic resolution between the United States and Iran, which has dampened hopes for a potential easing of sanctions or supply increases; and second, the observable reduction in oil tanker transit volumes through the strategically critical Strait of Hormuz.
These developments have collectively reignited concerns among traders regarding potential supply disruptions, thereby reinforcing the geopolitical risk premium that has been embedded in oil prices in recent weeks.
Brent crude futures climbed by as much as 1%, reaching a peak of $89.40 per barrel during the trading session. By 02:29 GMT, the contract was trading at $89.20, reflecting a gain of 72 cents from its previous closing price.
Source: Reuters