๐ข๐ถ๐น ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ๐ ๐๐๐บ๐ฝ ๐ข๐๐ฒ๐ฟ ๐ฏ% ๐๐ ๐๐ฟ๐ฎ๐ป-๐๐๐ฟ๐ฎ๐ฒ๐น ๐ช๐ฎ๐ฟ ๐ฅ๐ฒ๐๐๐บ๐ฒ๐ ๐๐ณ๐๐ฒ๐ฟ ๐ญ๐ฌ๐ฌ ๐๐ฎ๐๐
Oil prices rose more than 3% on Monday as tensions in the Middle East grew again. The crisis has now passed 100 days.
- WTI crude traded at $93.87 per barrel, up $3.33 or 3.68%
- Brent crude hit $96.36 per barrel, up $3.27 or 3.51%
The gains reversed most losses from last week. Prices had fallen because of hopes for lower tensions between the United States and Iran.
The latest escalation started with Iranian missile strikes on Israel. Israel responded with strikes on military targets in western and central Iran. The Israeli Air Force said Military Intelligence guided the operation.
Israel also launched new attacks on Lebanon on Sunday. The two sides had agreed to a ceasefire on June 3. Iran said any peace deal with the United States depends on a ceasefire in Lebanon. Iran fired missiles at Israel after the strikes in Beirut. Iran supports Hezbollah.
Tehran continues to block most shipping through the Strait of Hormuz. This route is vital for global oil and gas shipments. The blockade has caused an ongoing supply crisis.
OPEC+ approved its fourth oil output increase in four months on Sunday. The group will raise production targets by 188,000 barrels per day from July. Many members are unable to meet production targets because of the Strait of Hormuz closure. Russia also faces production problems after infrastructure attacks reduced its output capacity.