Photo : YONHAP News
Global oil prices broke 100 U.S. dollars per barrel in response to supply chain disruptions in the Gulf region amid the U.S.-Israel war on Iran.
The price of West Texas Intermediate(WTI) for April delivery was 107 U.S. dollars and 54 cents per barrel as of 7:26 a.m. Monday, Korean Standard Time, up 14-point-85 percent from the previous day’s closing.
WTI broke the 100-dollar mark for the first time since July 2022, soaring to 111 dollars and 24 cents per barrel in intraday trading.
Brent crude, the international standard, jumped 14-point-85 percent to 107 dollars and 54 cents a barrel, also hitting 111 dollars and four cents during trading.
Logistics of crude oil have been hindered by Iran’s closure of the Strait of Hormuz, a strategically important waterway in the region, and attacks on vessels traversing its waters.
The blockage has prompted major oil-producing nations to cut production as storage tanks fill up due to reduced shipments.