Reported about 2 months ago
Oil prices rose sharply on Monday by over 3% due to a halt in Libyan production and escalating tensions in the Middle East, specifically after Israeli airstrikes on Hezbollah positions in Lebanon. West Texas Intermediate crude was priced at $77.42 per barrel, while Brent crude reached $81.43. Experts warn that the increased conflict could provoke an Iranian military response, potentially disrupting global oil movements. Despite the price surge, US gasoline prices have been decreasing, reaching an average of about $3.35 per gallon.
Source: YAHOO