Oil prices in global commodity markets started the new week with an increase of nearly $10, APA-Economics reports.
According to the report, May futures for U.S. WTI crude traded on the NYMEX rose by 1.71% or $1.70 to reach $101.34 per barrel.
Meanwhile, May futures for Brent crude traded on the ICE exchange increased by 2.65% or $2.98, reaching $115.55 per barrel.
It should be noted that Brent crude closed at around $105 per barrel at the end of last week.
Market participants are currently assessing rising tensions in the Middle East, particularly potential supply risks around the Strait of Hormuz, which are directly impacting oil prices.
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