DUBAI: Global crude oil prices resumed their upward trend on Monday as tensions in the Middle East remained elevated following US President Donald Trump’s rejection of a peace proposal aimed at resolving the conflict with Iran.
During Monday’s trading session, Brent crude futures rose by $3.43, or 3.29%, bringing the price to $107.75 per barrel.
US West Texas Intermediate (WTI) crude also gained ground, rising $2.14, or 2.32%, to $94.55 per barrel.
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In the previous week, Brent crude prices had edged up 0.4%, while WTI declined 7.9%. The decline in WTI came amid concerns that the United States could impose restrictions on diesel exports in an effort to contain record-high prices, a move that could also affect US refining output.
