Oil Prices Up Again As Brent Crude Moves Towards US$120 Per Barrel

NEW YORK/LONDON, March 30 (Bernama-dpa) -- Oil prices rose on Monday at the start of the fifth trading week since the beginning of the Iran war, reported German Press Agency (dpa).

The price of North Sea Brent crude for May delivery rose by as much as four per cent overnight to nearly US$117 a barrel (159 litres).

That brought the oil price close again to the interim high of US$119.50 reached three weeks ago. Early in the morning, the price stood at US$115.55, 2.7 per cent higher than at the end of last week.

Brent has risen by almost 60 per cent since the start of the Iran war. Prices for other grades of crude have also surged sharply since the Israeli and US attack on Iran.

A barrel of US WTI crude cost just over US$100 on Monday morning — more than 50 per cent above its price before the Iran war began. The price surge is having consequences for economies and consumers worldwide, with fuel costs among those that have shot up.

The US and Israel have continued their intense strikes in Iran. The Israeli military stated that “military infrastructure” in the Iranian capital, Tehran, was being targeted, without providing further details.

Shortly before, US President Donald Trump wrote on his Truth Social platform: “Great day in Iran,” claiming that the US military had attacked and destroyed “many long-sought-after targets”.

Iran continued its counter-attacks on Israel and neighbouring Gulf states. Meanwhile, Trump, in an interview with the Financial Times, said he would like to take control of Iran's oil. 

-- BERNAMA-dpa