Oil prices began the week with an upward trend, as reported by Hellenic Shipping News Worldwide. This movement followed the first military strikes between the United States and Iran in a month, contributing to market volatility.
ICE Brent crude briefly surpassed US$90 per barrel during early morning trading in Asia. The US reportedly conducted strikes against Iranian launchers over the weekend, amidst indications that Iran was preparing to deploy mines.
In addition to the geopolitical tensions, Russia announced an extension of its ban on diesel exports. This decision further impacted the energy markets, adding another factor to the rising oil prices.
The combination of renewed military activity in the Persian Gulf region and Russia's prolonged export restrictions on diesel contributed to the stronger performance of oil prices at the week's outset, as noted by the publication.
