Crude Oil Prices Reach One-Month High Amid Rising Tensions in the Middle East
Global crude oil prices rose by nearly 3 percent today as escalating tensions between the United States and Iran fueled concerns over energy supplies in the Middle East.
According to an international news agency, Brent crude climbed by US$2.77, or 3.14 percent, to US$90.87 per barrel, its highest level since June 11.
Brent crude gained 15.9 percent over the past week, marking its largest weekly increase since April.
Meanwhile, U.S. West Texas Intermediate (WTI) crude rose by US$2.35, or 2.85 percent, to US$84.84 per barrel, its highest level since June 12.
WTI prices increased by 15.5 percent last week, recording the strongest weekly gain since early March.
Retail gasoline prices in the United States also increased, with the average price rising to more than US$4.00 per gallon.
According to an international news agency, gasoline prices in the United States have risen by more than 30 percent since the outbreak of the U.S.–Iran conflict.
There are currently no signs of de-escalation in tensions between Iran and the United States. The United States carried out additional strikes against Iran last night, while Iran responded by launching attacks on U.S. targets in the region.
About The Author
