Following the escalation of the conflict between USA, Iran and Israel, Oil Prices on Monday sharply increased where US Brent Oil was trading above US$ 80 while prices of US Crude were hovering around US$ 72 per barrel up from US$ 67 closed on Friday. In the Middle East, energy analysts and investment banks expect oil prices to surge if disruptions to traffic in the crucial Strait of Hormuz persist.
Early on Monday in Asian trade, oil prices had already spiked by 10% to above $80 per barrel Brent. Iran has warned ships not to pass through the strait of Hormuz, from where about 20% of world’s oil passes.
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