Global oil prices have risen by nearly 6 percent.
Global oil prices have risen by nearly six percent amid the ongoing escalation of the conflict in the Middle East. This is evidenced by trading data on the London ICE exchange.
The price of a contract for the benchmark North Sea oil Brent for June delivery rose by five percent to $100.73 per barrel. May contracts for Texas oil WTI increased by 5.9 percent to $93.33.
Global oil prices strengthened their growth to 5-6 percent on Tuesday evening, according to trading data.
"The situation on the ground remains unchanged. The Strait of Hormuz is still effectively closed, and supply disruptions continue, leading to a decrease in demand in the market," said Tradu.com analyst Nikos Tsabouras, as quoted by Reuters.
Amid supply disruptions of energy resources due to the blockade of the Strait of Hormuz, the European Commission (EC) postponed the publication of a plan to ban the import of Russian oil, which was to be discussed at a meeting on April 15. According to EC representative Anna-Kaisa Itkonen, the parties remain committed to providing a relevant proposal.
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