Oil continues to rise with the return of trading, and Brent crude records $105
Oil prices continued their upward trajectory with the start of weekly trading on Monday, driven by fears of supply disruptions from the Middle East, while The US-Israeli war on Iran is in its third week.
At the beginning of trading, the price of Brent crude rose by 2.4%, reaching $105.61, while the price of West Texas Intermediate crude rose by 2%, reaching $100.91.
The prices of futures contracts for Brent crude and US West Texas Intermediate crude rose by more than 40% this month, recording their highest levels in a year. 2022, after the US-Israeli attacks on Iran prompted the cessation of navigation through the Strait of Hormuz, a vital waterway through which a fifth of the world’s oil supplies pass.
In a separate context, it intends to Strait of Hormuz In the Persian Gulf due to the war, Tokyo pledged to pump a record amount of oil of 80 million barrels, sufficient for the needs of the country with weak oil resources for about 45 days.
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