Coinciding with the opening of global markets early Monday morning on May 18, the price of Brent crude oil crossed the $111-per-barrel threshold.
Reuters reports that the continuation of tensions between the United States, Israel, and the Islamic Republic, coupled with anxieties over supply disruptions in the Persian Gulf, has triggered this latest price hike.
According to the report, global markets remain highly concerned over the potential closure of maritime shipping lanes in the region and the resulting impact on crude oil exports.
Prior to the outbreak of the war, the price of Brent crude hovered around $65 per barrel. It has maintained a steady upward trajectory in recent weeks following the escalation of regional hostilities.
