As the global oil market reopened, the price of Brent oil crossed $110 per barrel for the fourth time in the past month.
Reports indicate that continued tensions between the United States, the Israeli regime, and Iran, the halt in political negotiations, and the blockage of the Strait of Hormuz have been the main factors behind the increase in oil prices in recent months.
The Trading Economics website also announced that the price of West Texas Intermediate (WTI) crude oil reached around $106 per barrel in Monday’s trading.
Analysts have warned that the continued closure of the Strait of Hormuz could push global oil reserves to critical levels and trigger a new wave of global inflation.
Economic experts have also emphasized that rising oil prices will increase transportation and production costs in consumer countries and put further pressure on the global economy.
