London, April 13 (SANA) Oil prices exceeded $100 a barrel on Monday as tensions escalated in the Strait of Hormuz following the failure of negotiations between Iran and the United States, according to Reuters.
Brent crude futures rose by $7.11, or 7.47 percent, to $102.31 per barrel, reversing a 0.75 percent decline recorded at Friday’s settlement.
U.S. West Texas Intermediate (WTI) crude reached $104.43 per barrel, up $7.86, or 8.14 percent, after falling 1.33 percent in the previous session.
The price increase comes as markets reacted to developments in the strategic waterway, where concerns over maritime security have intensified.
On Sunday, the U.S. Central Command (CENTCOM) announced it would impose restrictions on maritime traffic entering or leaving Iranian ports starting Monday morning, following the failure of negotiations aimed at ending the conflict.
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