Affected by escalating tensions in the Middle East, oil prices extended gains, with Brent crude on Sunday approaching its highest intraday level since the outbreak of U.S.-Israeli strikes on Iran.
As of 20:50 Eastern Daylight Time (EDT) on Sunday, West Texas Intermediate crude for May delivery rose 3.74 U.S. dollars, or 3.75 percent, to 103.38 U.S. dollars per barrel on the New York Mercantile Exchange from the previous trading day's close. Brent crude for May delivery gained 3.86 U.S. dollars, or 3.43 percent, to 116.43 U.S. dollars per barrel on the London ICE Futures Exchange from the previous session's close.
The U.S.-Israel-Iran conflict has lasted more than a month, while the prospect of negotiations between the United States and Iran remains unclear. The market is widely concerned that the war in the Middle East will be difficult to end in the short term, and remains pessimistic about the prospect of shipping returning to normal in the Strait of Hormuz, leading to continued fluctuations in crude oil prices.
US-Israel-Iran conflict pushes Brent crude near to record high
US-Israel-Iran conflict pushes Brent crude near to record high
