Due to growing fears about possible supply interruptions brought on by the intensifying tensions in the Middle East, oil prices increased by more than 1% on Monday.
Reuters reports that U.S. West Texas Intermediate (WTI) crude hit around $87.56 per barrel, while Brent crude futures increased to about $90.61 per barrel.
The rise in pricing is ascribed to anxieties of regional confrontations, namely those involving Iran and Israel.
According to market analysts, these geopolitical concerns might have a major impact on the world’s oil supply, which would cause traders to adjust their strategies.
