Oil prices rise amid tensions in Persian Gulf

Pars Today- Global oil prices rose on Thursday amid continued concerns over oil supplies from West Asian producers and an increase in attacks on ships in the Persian Gulf and the Strait of Hormuz.

According to Pars Today, citing IRNA, Brent crude futures rose by $2.28, or 2.28 percent, to $102.28 a barrel. U.S. West Texas Intermediate (WTI) crude futures also rose by $1.66, or 1.88 percent, to $89.94 a barrel.

According to the report, threats to oil transportation in the Persian Gulf and the Strait of Hormuz have increased in October. Before the outbreak of the U.S.-Israeli war against Iran, the route carried shipments equivalent to about 20 percent of the world’s oil and fuel supplies.