Oil prices rose at the opening of trading on Monday after the United States and Israel announced over the weekend that the war in Iran, which has been ongoing since February 28 and has led to the obstruction of fuel transportation through the Strait of Hormuz, will continue for several weeks.
The price of West Texas Intermediate crude, the American standard, for May delivery, rose by 1.78% to reach $100.10 per barrel. The price of Brent North Sea crude, also for May delivery, rose by 1.73% to reach $113.44 per barrel, a few minutes after the start of trading on the Chicago Stock Exchange.
On February 27, on the eve of the US-Israeli attack on Iran, the price of a barrel of West Texas Intermediate crude was $67.02, while the price of a barrel of Brent crude was $72.48.
On Sunday, Israel announced that it was preparing to “intensify its specific ground operations” in Lebanon and was preparing for “weeks of fighting” against Hezbollah.
Israeli Army Chief of Staff Eyal Zamir said in a statement, “We are now preparing to intensify specific ground operations and raids, according to an organized plan. We will not stop before removing the threat from the border and ensuring long-term security for the residents of northern Israel.”
This came the day after Trump intensified pressure on Tehran, whose leaders on Saturday night gave 48 hours to open the Strait of Hormuz, which is a vital corridor for global supplies of oil and liquefied natural gas, despite his indication that it might reduce the escalation in the war.
He said on his Truth Social platform, “If Iran does not completely open the Strait of Hormuz, without any threat, within 48 hours from now, the United States of America will strike and completely destroy its various energy stations, starting with the largest!”
