HIBAPRESS – Agencies
Oil prices rose by about 2 percent on Tuesday, April 28, driven by the failure of efforts to find a settlement to the conflict in the Middle East, amid the continued near-total closure of the Strait of Hormuz, one of the most vital passages for energy exports in the world.
Oil prices continued their gains, as Brent crude for June delivery rose to $110.55 per barrel, while West Texas Intermediate crude rose to $98.17. Contracts recorded gains for the seventh consecutive day, in light of the continuing geopolitical tensions. Analysts confirm that the continuation of unrest in the Middle East keeps risk premiums high in the oil markets, especially with the importance of the Strait of Hormuz, through which a large part of global supplies pass, which makes any further escalation a pressure factor on prices.
