Oil prices rose above $91 a barrel today as diplomatic efforts to resolve the Middle East crisis intensified.
Investors are concerned that a war between Israel and Hamas could spark a wider conflict in the oil-rich region and further tighten global supply.
Brent crude futures rose as high as $91.2 a barrel in Asian markets on Monday, up slightly from Friday’s price of $90.89. It was last traded at $90.99 per barrel.
West Texas Intermediate briefly rose to $87.98, up from Friday’s price of $87.68. In the last trade, it amounted to 87.77 dollars per barrel.
Both rose on Friday after the Israeli military warned more than a million people to leave northern Gaza, raising concerns about a potential ground offensive by Israel.
Analysts from ANZ Research expect oil prices to reach $100 per barrel in the short term due to the growing risk of regional escalation, reports Fena.
