Shafaqna English– Crude oil prices continued their upward trajectory on Monday, driven by escalating reciprocal military actions between the United States and Iran targeting commercial and military vessels transiting the Strait of Hormuz and adjacent waters. These confrontations have significantly amplified market fears that crude exports from the Middle East could face sustained interruptions, thereby tightening global supply balances.
By the close of trading at 23:54 Greenwich Mean Time, Brent crude futures had registered a gain of 52 cents – equivalent to a 0.54% increase – settling at $96.80 per barrel. Concurrently, the U.S. benchmark, West Texas Intermediate (WTI), advanced by 66 cents, or 0.72%, reaching $92.14 per barrel, reflecting a slightly stronger percentage move than its European counterpart.
Source: Reuters