Oil prices rise – Brent approaches 120 dollar mark

The attacks in the Middle East are continuing, which is having an impact on oil prices. The price of a barrel of North Sea Brent crude for delivery in May rose by up to four percent to almost 117 dollars on Monday night.

The oil price thus approached its interim high of 119.50 dollars reached three weeks ago. In the early morning, the price stood at 115.55 dollars, 2.7 percent higher than at the end of last week.

Since the start of the Iran war, the benchmark Brent crude has risen in price by almost 60 percent. The prices of other types of oil have also risen sharply since the attack on Iran by Israel and the United States.

On Monday morning, a barrel of US WTI crude oil cost just over 100 dollars – a little more than 50 percent higher than before the start of the Iran war. The price surge has consequences for the economy and consumers worldwide, with the cost of fuel soaring, among other things.

Attacks continue
The USA and Israel are continuing their fierce attacks in Iran. “Military infrastructure” in the Iranian capital Tehran is being attacked, the Israeli army announced without providing further details. Shortly beforehand, US President Donald Trump had written on his Truth Social platform: “Great day in Iran.” The US military had attacked and destroyed “many long-held targets”.

Iran, flanked by the Houthi militia it supports in Yemen, had in turn continued its counterattacks on Israel and neighboring Gulf states. Meanwhile, Trump said in an interview that he would “prefer” to take the oil from Iran.