The crude oil market remains volatile due to growing geopolitical tensions in West Asia, the lack of agreement between Iran and the US, and the risk to oil supply from the Strait of Hormuz.
Crude Oil Prices Rise over 5% in a week: Crude oil prices continue to rise for the second week in a row. The price of crude oil in the international market has reached 93 dollars per barrel. Rising oil prices are putting pressure on oil companies.
The crude oil market remains volatile due to growing geopolitical tensions in West Asia, the lack of agreement between Iran and the US, and the risk to oil supply from the Strait of Hormuz. Crude prices have seen an increase of more than 5 percent in a week. On Friday, the price of Brent oil rose to $93.55 per barrel. US WTI crude was trading around $86.45 per barrel. Two weeks ago, the price of crude oil reached 76 dollars per barrel.
Crude’s gain come after US President Donald Trump has called for ‘Economic D-Day’ against Iran .
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