Crude oil prices have climbed once again in the global market as Iran intensifies its attacks on Gulf countries, raising concerns over energy transportation through the Strait of Hormuz.
Accordingly, the price of Brent crude rose by $2.34, or 3.08%, to $78.35 per barrel.
Likewise, the price of WTI crude increased by $2.21, or 3.09%, reaching $73.62 per barrel.
According to the latest monthly report released by the International Energy Agency (IEA), although global oil supply increased by 4.1 million barrels per day in June, it remains 9.4 million barrels per day below the pre-war level.
Commenting on the latest developments, analysts said, “With the situation escalating over the weekend, there may be doubts about the hopes for a relatively rapid resolution to these recent conflicts.”
