LAHORE (Kashmir English): Crude oil prices have risen again in the global market following the escalating tensions between the US and Iran and the targeting of oil tankers.
According to reports, the price of Brent crude oil in the global market on Monday rose by 52 cents, or 0.54 percent, to $96.80 per barrel.
Similarly, the price of US West Texas Intermediate (WTI) crude oil increased by 66 cents, after which it reached $92.14 per barrel.
Crude oil prices had also recorded a significant increase last week, with Brent crude oil prices increasing by about 7.8 percent while WTI prices increased by about 10 percent.
According to market sources, this increase in prices came due to the resumption of military operations between the US and Iran and concerns about a decrease in oil shipments through the Strait of Hormuz.
The US Central Command said that US forces targeted three Iranian oil tankers on Saturday. One of the ships was targeted near Iran’s main oil export hub, the Kharg Island.
According to economic experts, if tensions in the region increase further and oil supplies are affected, crude oil prices in the global market may increase further, the effects of which may also reach the global economy and consumers.
