Oil prices opened higher on Monday in the London market, supported by the ongoing military escalation in the Gulf and Middle East regions. Brent North Sea crude for May delivery rose by 0.96% during morning trading to reach $113.27.
Similarly, US West Texas Intermediate (WTI) for the same month recorded gains of 0.68%, reaching $98.90.
In this context, International Energy Agency (IEA) Director Fatih Birol stated in press remarks that the market has lost 11 million barrels per day as a result of the military escalation in the Middle East and the Gulf.
Energy analysts believe that oil prices are expected to continue their volatility throughout this week and the coming days, remaining high due to damage to energy facilities caused by the escalation.
