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HIBAPRESS – Agencies
Oil prices rose today, Monday, by more than five percent, supported by rising concerns about the stability of global supplies, following developments related to the disruption of navigation in the Strait of Hormuz, one of the most important sea lanes for transporting oil in the world.
Brent crude recorded an increase of $5.08 per barrel, or 5.62 percent, reaching $95.46 per barrel, while US West Texas Intermediate crude rose by $5.01, or 5.97 percent, to reach $88.86 per barrel. This rise comes after a sharp decline of nine percent for the two crudes during last Friday's session, amid fluctuations related to geopolitical developments in the region.
