Oil prices rose at the start of trading on Monday after mutual threats by US President Donald Trump and Iran to launch attacks on energy facilities in the Middle East. The increase also followed statements by the United States and Israel over the weekend that the ongoing war since 28th February — which has disrupted fuel shipments through the Strait of Hormuz — is expected to continue for several more weeks.
US benchmark West Texas Intermediate crude for May delivery rose by 1.78 per cent to $100.10 a barrel. North Sea Brent crude for May delivery also increased by 1.73 per cent to $113.44 a barrel, minutes after trading began on the Chicago exchange.
On 27th February, on the eve of the US-Israeli war on Iran, West Texas Intermediate stood at $67.02 a barrel, while Brent crude was priced at $72.48.
On Sunday, Israel said it was preparing to “intensify its limited ground operations” in Lebanon and expected “weeks of fighting” against Hezbollah.
READ: Iran says Strait of Hormuz ‘open,’ but ships fear passage
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