Middle East tensions: oil price exceeds $100 per barrel

Oil prices started the week higher this Monday, with a barrel trading at over $100, against the backdrop of fighting in the Middle East, after the closure of a key pipeline in Saudi Arabia and attacks on tankers in the Strait of Hormuz.

Shortly after 02:30 local time, once trading began on Asian markets, the price of a barrel of North Sea Brent crude for November delivery was up 2.80%, reaching $107.54. Last week, it had crossed the $100 mark for the first time since July, rising 9% during the week.

Meanwhile, the American benchmark West Texas Intermediate (WTI) for October delivery was up 2.29%, reaching $102.34 per barrel.

Oman announced yesterday the postponement of a foreign ministers-level meeting that was to be held in the sultanate and in which Iran was expected to participate.