Oil prices moved higher again in global markets on Sunday as tensions in the Middle East continued to raise fears about possible disruptions to global energy supplies, especially through the strategically important Strait of Hormuz.
Brent crude climbed to around $111 per barrel, while US West Texas Intermediate crude reached nearly $105 per barrel. Markets are also expecting more weekly gains as concerns over global energy security continue to grow.
The increase came after several days of heavy volatility in oil markets. Prices had earlier surged above $120 per barrel before pulling back on hopes of political de-escalation and possible agreements to reduce the conflict.
Analysts say ongoing tensions around major shipping routes, along with worries about Russian and Iranian oil supplies, are still pushing prices higher. At the same time, investors remain cautious because of concerns that slowing economic growth in some major countries could weaken global oil demand.
