Oil prices surged again at the opening of Asian markets, with the price of West Texas Intermediate (WTI) crude rising by more than 7% after the US military seized an Iranian cargo vessel. The increase also comes as Iran continues to disrupt shipping traffic in the Strait of Hormuz.
At around 02:30 Cyprus time, the price of a barrel of West Texas Intermediate (WTI), the US benchmark crude, had risen by 7.67% to $90.28.
At the same time, Brent crude from the North Sea, the international benchmark, increased by 6.76% to $96.49 per barrel.
Markets are reacting with concern as tensions in the region escalate again.
Source: ANA-MPA
