Oil prices above $ 130 for the first time since 2008

Istanbul / Anatolia

Crude oil prices rose at the start of weekly trading on Monday, hitting a one-barrel high of $ 130, its highest level since 2008.

The rise comes amid fears of Western sanctions on Russia’s oil sales and delays in reaching a settlement on Iran’s nuclear deal.

06:43 By GMT, Brent crude for May delivery was up 12.1 percent, or $ 11.3, to $ 130.16 a barrel.

The US West Texas Intermediate crude futures for April delivery was up 10.33 percent, or $ 8.9, to $ 125.85 a barrel.

Russia produces the world’s second-largest crude oil with an average of 10.2 million barrels per day, while Iran is the third largest oil producer at OPEC, with an average of 3.86 million barrels per day.

As the global economy moves towards the tide of inflation, tensions in Eastern Europe continue to cast a negative shadow over global markets, as prices of key commodities driven by oil, gas and wheat continue to rise. Since this March.

And on Saturday, the Iranian nuclear body 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 renew the 2015 agreement.

However, since May 2018, the United States has unilaterally withdrawn and no announcement has been made regarding the re-establishment of the nuclear deal, which has been stalled since the re-imposition of sanctions on Tehran.

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