Oil prices rise for third day
Oil prices rose for a third day in a row in international markets as tensions between the United States, Israel and Iran pose a risk to oil supplies, Qatar-based media outlet Al Jazeera reported on Tuesday (March 3).
On Monday, Brent crude oil prices rose to $82.37, the highest since January last year. However, it later fell slightly to settle in the $79 range. US West Texas Intermediate (WTI) crude oil prices also reached $72.40 a barrel, up 6.3 percent from the previous session.
Market analyst Tony Sycamore said, “There is no hope of easing tensions yet. The Strait of Hormuz is virtually closed and if Iran continues to target infrastructure in the region, oil prices could rise further.” Analysts say that the longer the political unrest in the Middle East lasts, the more oil prices are likely to rise in the international market.
