The price of oil on the global market reached its highest level in the past five months today.
The price of North Sea Brent crude oil rose by 2.8 percent in London, now exceeding $118 per barrel—a development that triggered a decline in stock markets across the Americas and Europe.
The rise in oil prices followed a report by the American daily The New York Times stating that the United States and Israel are drafting plans for renewed strikes against Iran following the U.S. elections in November.
Over the course of the week, the price of oil climbed by more than four percent, intensifying pressure on the stock market.
