Oil Prices Rise Globally Amid Tensions in Strait of Hormuz
Global oil prices rose at the start of trading on Monday, as regional tensions increased, particularly military clashes in the Strait of Hormuz.
According to an RT report republished by Mehr News Agency, Brent crude rose 3.47% to $108.24 a barrel. West Texas Intermediate crude also climbed 3.26% and was trading at $103.32 a barrel.
The report said tensions in the Persian Gulf and developments related to the Strait of Hormuz were among the main reasons for the price increase. The targeting of Saudi Arabia’s East-West oil pipeline also affected the oil market.
According to the source, the pipeline had a daily transfer capacity of about 5 million barrels of oil. The postponement of a meeting between Iran and Arab Gulf states in Oman was also cited as another factor driving oil prices higher.
The Strait of Hormuz is considered one of the world’s most important energy transit routes, and any instability there usually has a rapid impact on the global oil market.
