Oil prices look set to rise further on Monday, having closed before the weekend at their highest in nearly four years, after U.S. and Iranian threats to target energy facilities, analysts said on Sunday.
On Friday, Brent futures for May settled up 3.26% at $112.19 a barrel, the highest since July 2022.
Iran has attacked ports and refineries in Saudi Arabia, Kuwait, Bahrain, the UAE and Qatar in retaliation for attacks on its infrastructure. The closure of Hormuz resulted in a loss of a full four days of global supply – or some 440 million barrels – during the 22 days of the war so far.
Brent gained about 8.8% last week, while the front-month WTI settled down around 0.4% compared with last Friday's close. WTI's discount to Brent hit its widest in 11 years on Wednesday.
Oil prices to rise further on Monday as Mideast war escalates
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Posted by app1310
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July 2008 was highest Brent crude price at $147. Check out the market performance that year.
Oh no are the Dakotas invading Nebraska?
PBR calls