Oil prices continued their upward trend following reports that the US President has instructed his team to expand the blockade on Iranian ports. US crude oil has crossed the $100 mark.
“Elchi” reports that, according to the Wall Street Journal citing US officials, Trump has decided to increase pressure on Iran’s economy and oil exports. This is intended to pressure the Tehran administration by blocking shipments to Iranian ports.
Markets see gains for the eighth consecutive day
Brent crude oil, the benchmark in global oil markets, for June futures contracts rose 0.47 percent to $111.78 per barrel at 01:54.
With this increase, Brent crude has recorded gains for the eighth consecutive trading day. In addition to the June contract, which will expire on Thursday, more actively traded July contracts also rose 0.4 percent to trade at $104.84.
US crude oil has crossed the $100 mark
June contracts for US West Texas Intermediate (WTI) crude oil also rose 57 cents to reach $100.50 per barrel. Having recorded a sharp 3.7 percent increase in the previous session, WTI prices have closed higher in seven of the last eight trading days.
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