Oil continues its upward trajectory and Brent reaches $109

Oil continued its weeks-long upward trajectory, as optimism about the success of peace talks or a ceasefire between the United States and Iran faded, according to NBC News.

International Brent crude prices rose 6% to more than $109 per barrel, while US West Texas Intermediate crude rose above $95 per barrel, an increase of more than 6%. Since the beginning of the war, the price of American crude has risen by more than 40%, while since the beginning of the year it has risen by more than 60%.

Analysts widely believe that oil prices will remain high in the long term, taking into account the risks that shipping companies will now have to take for oil tankers transiting the Strait of Hormuz.