Oil prices rose a further two per cent on Monday, pushing Brent above seventy dollars per barrel, as rhetorics from the United States, Iran and Iraq fanned tensions in the Middle East after the killing of a top Iranian general.
Brent crude futures soared to a high of seventy dollars, seventy-four cents per barrel.
U.S. West Texas Intermediate crude was at sixty-four dollars thirty-five cents per barrel, up one dollar, thirty cents, after touching sixty-four dollars seventy-two cents earlier, the highest since April.
The gains extended Friday’s over three per cent surge after a U.S. air strike in Iraq killed Iranian commander Qassem Soleimani on Friday, heightening concerns that a widening Middle East conflict could disrupt oil supplies.
The region accounts for nearly half of the world’s oil production, while a fifth of the world’s oil shipments pass through the Strait of Hormuz.