Crude oil prices rise on fears of supply disruptions in the Middle East
Crude oil prices rose on Monday on concerns about supply shortages caused by shipping disruptions in a key Middle East region amid a war between the United States, Israel and Iran, Reuters reported.
Brent crude futures rose $1.71, or 1.6%, to $110.74 a barrel by 00:57 GMT. U.S. West Texas Intermediate crude futures rose $0.71, or 0.6%, to $112.25 a barrel.
On Thursday, the last trading day before the Good Friday holiday, WTI crude prices jumped more than 11% and Brent crude nearly 8%, posting their biggest absolute price gains since 2020 as US President Donald Trump vowed to continue attacks on Iran.
The Strait of Hormuz, which carries crude oil and petroleum products from Iraq, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates, remains largely closed due to Iranian attacks on shipping.
Supply disruptions in the Middle East have refiners looking for alternative sources of crude, including for physical cargoes in the US and UK North Seas.
“Global buyers are aggressively bidding for barrels from the US Gulf Coast, and Brent prices are rising even faster,” Schork Group said in a note to clients on Monday.
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