Global Oil Prices Surge Amidst Strait of Hormuz Tensions and Saudi Pipeline Attack
According to the International Desk of Webangah News Agency, global crude oil prices have seen a renewed surge. Brent crude oil registered a 3.47 percent increase, reaching $108.24 per barrel at the commencement of trading on Monday, amid prevailing tensions in the Strait of Hormuz. West Texas Intermediate crude oil also climbed, with a 3.26 percent rise to $103.32 per barrel.
The price hike is attributed to several factors, including the heightened tensions in the Persian Gulf and actions by the United States in the Strait of Hormuz. Additionally, an attack on Saudi Arabia’s East-West oil pipeline, which was responsible for transporting approximately 5 million barrels of oil daily, has significantly contributed to the price escalation.
Furthermore, the report indicates that the postponement of a meeting between Iran and the Arab states of the Persian Gulf in Oman has also played a role in this price trend.
