Oil prices rose more than 2% due to tensions in the Middle East.

Oil prices rose by more than 2% in early trading this week (Vietnam time), after the Israeli military launched new operations related to Lebanon in its conflict with Hezbollah forces, despite a ceasefire announced more than six weeks ago.

Screenshot from the video clip.

As of 11:12 GMT on May 31st (6:12 AM on June 1st in Vietnam time), the price of US West Texas Intermediate (WTI) crude oil rose by $2.17, or 2.48%, to $89.53 per barrel. Meanwhile, the price of North Sea Brent crude oil increased by $1.93, or 2.12%, to $93.05 per barrel.

The escalating fighting occurred just days after the US hosted peace talks between Israel and Lebanon in Washington on May 29th. This development dampened expectations that the US and Iran could soon announce an extension of their ceasefire agreement. These expectations had helped Brent and WTI oil prices close last week up 1.8% and 1.7%, respectively.

Meanwhile, concerns about mines in the Strait of Hormuz – a strategic shipping lane for global oil and gas – are growing. Analysts believe this could slow the reopening of the Strait of Hormuz and cause the oil market to wait longer for the benefits of the resumption of operations on this shipping route.

RG

Source: https://baoangiang.com.vn/gia-dau-tang-hon-2-do-cang-thang-trung-dong-a487476.html