US oil prices rose above $100 a barrel on Sunday, reaching levels last seen in the summer of 2022. West Texas Intermediate (WTI) increased by 20 percent to more than $109 a barrel.
Brent crude, the main benchmark for Middle Eastern oil, also moved higher. It is now trading above $110 a barrel, a rise of 19 percent.
The sharp increase follows the outbreak of the US–Israel conflict with Iran. According to sources cited by Bloomberg, Iraq’s oil production has fallen by about 60 percent. The war has left too few tankers available to transport crude, severely limiting exports. Iraq, a major producer, is currently pumping an estimated 1.7 to 1.8 million barrels per day, down from around 4.3 million before the conflict began.
@anp | NEWS BRAINPORT
