Oil prices in global markets rose by more than $1, “APA-Economics” reports.
The price of July futures for Brent crude oil on the ICE exchange increased by 1.23% or $1.23 to $101.29 per barrel.
Meanwhile, June futures for WTI crude oil on the NYMEX exchange rose by 0.64% or $0.61 to $95.42 per barrel.
According to analysts, the rise in oil prices was driven by US President Donald Trump’s tough statements regarding Iran, increasing geopolitical tensions in the Middle East, and concerns over supply risks in the Strait of Hormuz.