KABUL: Oil prices rose amid growing concerns over possible disruptions to crude supplies from the Middle East following an increase in attacks on vessels in the Gulf and around the Strait of Hormuz, Reuters reported.
According to the report, Brent crude rose 1.33% to $101.53 a barrel, while U.S. West Texas Intermediate (WTI) crude increased 1.26% to $89.39 a barrel.
Reuters said the number of attacks on oil tankers last week reached its highest weekly level since the start of the conflict involving Iran in the Strait of Hormuz.
A significant share of the world’s oil is transported daily through the Strait of Hormuz; as a result, a deterioration in security conditions in the area could directly affect global oil supplies and prices.
Sustained increases in oil prices are also raising concerns about higher energy costs in global markets, particularly if Middle Eastern oil exports face serious disruptions.