On Monday, oil prices rose above $114 (approximately €98) per barrel for the first time since 2022 as the Iran war escalated, threatening Middle Eastern output and transportation.
The price of a barrel of Brent crude, the international benchmark, surpassed $114 when trading reopened on the Chicago Mercantile Exchange. That was a 23% increase from Friday’s closing price of $92.69. West Texas Intermediate, the light, sweet crude oil produced in the United States, was also trading at around $114 per barrel. That is 25% higher than Friday’s finish of $90.90.
“The Iran conflict intensified over the weekend, and oil briefly rising above $115 per barrel triggered another bout of selling on financial markets,” Dan Coatsworth, head of markets at AJ Bell, said in a letter to Euronews.
Risk appetite has gone as investors lock in profits on market segments that have performed well in recent months and years, such as Rolls-Royce and Lloyds shares, as well as gold. The precious metal was also driven down by a stronger US dollar, which makes gold more expensive for buyers in other currencies,” he explained.
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