GLOBAL OIL PRICES SURGE – International crude oil broke above 100 U.S. dollars per barrel
International crude oil futures once again broke above 100 U.S. dollars per barrel as geopolitical tensions escalated following U.S. and Israeli strikes on Iran.
International oil prices surged at the start of the new trading week. As of 11:50pm GMT on Sunday, West Texas Intermediate (WTI) for April delivery reached a high of 101.32 U.S. dollars per barrel on the New York Mercantile Exchange.
Meanwhile, Brent crude for May delivery climbed to 106.17 U.S. dollars per barrel on the London ICE Futures Exchange.
International energy prices have been increasing sharply since the tensions escalated across the Middle East on Feb 28, when the United States and Israel launched large-scale joint airstrikes on Iran, creating uncertainty in the global economy.
