Global oil prices remained close to or above $100 per barrel early Tuesday, as the ongoing war in the Middle East continues to affect energy markets. The disruption of shipping routes and uncertainty over supply have kept prices elevated despite some stabilisation after the sharp rises of recent days.
Brent above $100, WTI close behind
At around 02:15 Cyprus time, as trading began in Asian markets, the price of the benchmark US crude WTI rose by 0.11% to $98.82 per barrel.
At the same time, Brent crude from the North Sea increased by 0.79%, reaching $103.95 per barrel.
Surge following outbreak of conflict
Although prices have not shown the steep spikes recorded earlier, crude oil markets remain under pressure.
Prices surged after the outbreak of the armed conflict in the Middle East, with the price of WTI rising by nearly 50% within two weeks.
Strait of Hormuz disruption
The Strait of Hormuz, a critical maritime corridor through which roughly one fifth of global hydrocarbon supplies normally pass, remains almost entirely closed.
Iran has indicated that it intends to use the disruption to exert pressure on the United States and the global economy.