Oil prices kicked off the week on an upward trajectory, with the barrel trading above $100, as escalating developments in the Middle East intensify concerns over crude supply. At the center of attention are the closure of a key pipeline in Saudi Arabia and attacks on oil tankers in the Strait of Hormuz.
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Shortly after 2:30 a.m. Greek time, following the opening of Asian markets, North Sea Brent crude for November delivery recorded a gain of 2.80%, reaching $107.54 per barrel. Brent had already surpassed the $100 threshold last week for the first time since July, posting a total weekly gain of 9%.
The U.S. benchmark West Texas Intermediate (WTI) for October delivery also climbed 2.29%, trading at $102.34 per barrel.
Oman announced yesterday the postponement of a ministerial-level meeting in the sultanate that was set to bring together Iran and Gulf states to discuss the future of the Strait of Hormuz — a strategically vital waterway that Tehran has closed off and which has become a major flashpoint in the escalating conflict with the United States.
Earlier that day, a commercial vessel was struck in an attack, resulting in the death of one crew member, Iranian authorities confirmed.
On Friday, Saudi Arabian authorities announced the temporary closure of the East-West Pipeline — a key route used to bypass the Strait of Hormuz — following drone strikes launched from Iraq.
