Oil nears $100 as tensions escalate between the United States and Iran
Translated from Spanish and summarized by DistantNews. Read the original for the full story.
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- Brent crude reached $97.17 a barrel and West Texas Intermediate rose to $92.27, near six-week highs, Reuters reported.
- Market concerns grew as military actions involving the United States and Iran reduced shipping activity around the Strait of Hormuz.
- Before the conflict, the route between Iran and Oman carried nearly one-fifth of globally traded oil.
Oil prices moved back toward the $100-a-barrel threshold on Monday as renewed military escalation between the United States and Iran reduced vessel traffic through the Strait of Hormuz.
Brent crude, the international benchmark, reached $97.17 a barrel. West Texas Intermediate, the U.S. benchmark, climbed to $92.27, according to Reuters. Both prices stood near their highest levels in six weeks.
The market is watching developments around the Strait of Hormuz, the narrow waterway between Iran and Oman. Before the current conflict, nearly one-fifth of the oil traded worldwide passed through the route.
Concern intensified after new U.S. attacks on Iranian oil tankers and Iranian retaliatory actions against vessels in the area. The supplied article ends while describing those developments.
About this summary
Originally published by Diario Libre in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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