Brent Crude Rises to US$104.36 a Barrel

Uncertainty has mounted worldwide over US President Donald Trump’s next move regarding the war with Iran following the ruling Republican Party’s unprecedented defeat in the recent US elections. Against this backdrop, crude oil prices have risen in the international market.

According to Reuters, benchmark Brent crude rose by 76 cents, or 0.7 per cent, to $104.36 per barrel in morning trading today. Meanwhile, US West Texas Intermediate (WTI) crude gained 63 cents, or 0.7 per cent, to $96.72 per barrel.

In the previous trading session, oil prices had fallen to their lowest level in four weeks following a sustained decline.

However, the unexpected election result for Trump’s party has renewed investors’ concerns over the Middle East crisis and the future of possible US military action against Iran. The concerns have directly affected the international oil market.

Source: Reuters