Crude Oil Price Rises To $100/Barrel As Investors Evaluate Middle East Ceasefire Prospects
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The price of Brent crude oil, which is the main standard for oil prices worldwide, went up by 3.37 percent to $100.54 per barrel on Thursday.
The price of US West Texas Intermediate also rose by 3.31 percent to $93.31 per barrel. Reuters reports that the recent price increase is linked to worries about more supply problems caused by the ongoing conflict in the Middle East.
Iran is still thinking about a US plan to stop the war, following efforts by Turkey, Egypt, and Pakistan to make a peace agreement.
White House press secretary Karoline Leavitt said Trump will be tougher on Iran if Tehran doesn’t agree that the country has been “militarily defeated.”
The conflict has stopped oil and LNG shipments through the Strait of Hormuz, which usually moves about one-fifth of the world‘s crude oil and liquefied natural gas. On March 13, the International Energy Agency said the war is causing the biggest supply problem in the history of the global oil market.
Petrol prices in Nigeria climbed to another record high on Monday amid ongoing tensions in the Middle East.
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