Oil Prices Jump 3%.. Brent Reaches $107.75 per Barrel
Oil prices rose by about 3%, with Brent reaching $107.75 per barrel, amid fears of supply disruptions due to an incident in the Strait of Hormuz.
Translated by Qiyas from الجريدة — Original source
Oil prices jumped by around 3% on Monday, amid escalating tensions in the Middle East that have fueled fears of disruptions to energy supplies.
Brent crude futures rose by $3.14, or 3%, to $107.75 per barrel. West Texas Intermediate (WTI) crude futures gained $3.01, or 3.01%, to $103.06 per barrel. Prices initially rose by more than 3% at the market open.
The UK Maritime Trade Operations agency reported on Sunday that a vessel in the Strait of Hormuz was hit by a shell, causing a fire and forcing the crew to evacuate.
Oil prices rose 8% over the past week due to these disturbances, surpassing the $100-per-barrel mark for the first time since July.
Tony Sycamore, a market analyst at IG, said in a note on Sunday: “Looking ahead, unless this week’s talks in Oman yield practical results, or the East-West pipeline is quickly restarted, the risk is that crude oil continues its gains toward its early March high of $119.48.”
