Middle East Uncertainty: Crude Oil Prices Rise Further in Global Markets
NEW YORK: Oil prices in the international market have moved further up, heading towards their three-week highs, as tensions in the Middle East persist and there are shipping worries through the Strait of Hormuz. In the global market, Brent crude oil tumbled $0.16 to $91.03 per barrel, while U.S. oil benchmark West Texas Intermediate (WTI) crude jumped $0.53 to $85.03 per barrel.
Rising concerns about oil supplies in the world have been exacerbated by currency markets as well as international news agencies reporting on a faltering pace of negotiations between the U.S. and Iran and the possibility of extended disruptions to shipping through the Strait of Hormuz.