AA / Istanbul
Crude oil prices rose at the start of weekly trading on Monday, topping $130 a barrel of Brent, hitting their highest level since 2008.
The rise is prompted by fears that the West will impose sanctions on Russian oil sales, as well as the delay in finding a solution to the Iran nuclear deal.
At 06:43 GMT, the price of Brent crude oil futures for May delivery rose 12.1%, or $11.3, to $130.16 a barrel.
U.S. West Texas Intermediate crude futures for April delivery also rose 10.33%, or $8.9, to $125.85 a barrel.
Note that Russia is the second largest producer of crude oil in the world, with a daily average of 10.2 million barrels per day, while Iran is the third largest oil producer in OPEC, under normal conditions, with a daily average of 3.86 million barrels.
Lingering tensions in Eastern Europe continue to affect global markets, as the prices of major commodities, led by oil, gas and wheat, record successive increases, at a time when the world economy is heading for a wave of inflation from this March.
On Saturday, Iran’s Atomic Energy Organization announced that it had reached an agreement with the International Atomic Energy Agency to resolve issues related to the nuclear program, as part of efforts to revive the 2015 agreement.
However, the deal has not been followed by any announcement regarding the reinstatement of the frozen nuclear deal since May 2018, when the United States unilaterally withdrew and reimposed sanctions on Tehran.
*Translated from Arabic by Wejden Jlassi
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