13 Hrs
Source:
AL24 News
Oil prices stay near five-month high
Oil prices rose significantly today, Tuesday, with Brent crude nearing its highest level in five months. This was driven by increased geopolitical risks in the Middle East and the recent attacks on more than 18 ships over the past two weeks, along with ongoing tensions around the Strait of Hormuz and threats to regional security. Brent crude increased by 0.47%, reaching $110.07 per barrel, the highest since May 20. Meanwhile, West Texas Intermediate (WTI) rose to over $104, amid persistent concerns about the disruption of energy supplies in the region. Despite the escalation, oil exports from the Gulf continued to recover, with flows increasing to about 80% of their previous levels, even as tensions persist.
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