Brent Crude Oil Prices Exceed $107 Per Barrel for 1st Time Since May 21
Oil drum graveyard. File photo.
MOSCOW, (Sputnik) — Global oil prices accelerated their growth to nearly 6%, with the price of Brent crude climbing above $107 per barrel for the first time since May 21, trading data showed on Thursday. As of 18:58 Moscow time (15:58 GMT), the price of Brent crude futures for November delivery was up by 5.67% from the previous close to $106.94 per barrel. Moments earlier, the price was above $107 for the first time since May 21. October WTI futures were up by 5.65% to $101.48 per barrel.This comes as the blockade of the Strait of Hormuz continues to heighten tensions in the region, as maritime traffic remains at less than 20% of pre-war capacity.
On February 28, the United States and Israel began striking targets in Iran, to which Iran responded with its own strikes. In mid-June, Tehran and Washington signed a memorandum to cease hostilities, but shortly thereafter exchanged strikes again. At present, the conflict remains unresolved.
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