Oil prices have risen sharply on the world market amid rising tensions in the Middle East between the US and Iran, APA reports.
November futures for Brent crude oil rose 3.05% to $90.79 per barrel. This marked Brent's highest level since June 11. The benchmark rose 15.9% last week, its strongest weekly gain since April.
US WTI crude oil rose 2.65% to $84.68, its highest level since June 12. WTI also gained 15.5% last week, its strongest weekly performance since early March.
The price increase was caused by the intensification of mutual attacks by the US and Iran, as well as increased threats to energy shipments in the Strait of Hormuz. In recent days, the parties have announced measures against each other's maritime shipments. The US has imposed a naval blockade on Iranian ports, while Iran has said it is targeting ships it claims are violating the rules of movement in the Strait of Hormuz.
According to analysts, increased risks in the Strait of Hormuz, through which about a fifth of the world's oil trade passes, have exacerbated supply concerns in the market and led to a rise in oil prices.
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