The price of U.S. crude oil has surpassed $100 a barrel as the war in Iran continues to disrupt transportation and production in the Middle East.
West Texas Intermediate, a low-density light crude produced in the United States, was traded at about $101.02 per barrel immediately after trading resumed on the Chicago Mercantile Exchange. This is a 2.3% increase from Friday’s closing price of $98.71.
The price of a barrel of international standard Brent crude oil rose 2.4% on Sunday to trade at $106.39.
WTI and Brent crude prices have soared more than 40% since the war began. Attention is focused on the Strait of Hormuz, through which one-fifth of the world’s oil exports normally pass.
(Yonhap News Agency)