London: Global oil prices rose around 3% on Monday on reports of a near total production stoppage in Libya. The rise in prices comes at a time when Middle East is already witnessing tensions in the region.
Brent crude futures climbed $2.28, or 2.89%, to $81.30 a barrel by 1316 GMT, while US crude futures were at $77.30 a barrel, up $2.47, or 3.3%. Brent’s intra-day high of $81.40 a barrel is the highest the contract has traded in 11 days, according to a report by news agency Reuters.
Oil Price Jump As Middle East Remains On Boil
Meanwhile, oil prices opened higher after Hezbollah fired hundreds of rockets and drones into Israel on Sunday and Israel’s military said it struck Lebanon with around 100 jets to thwart a larger attack, with one of the biggest clashes in more than 10 months of border warfare raising fears of wider conflict in the region.
Libya’s Eastern Government Says All Oilfields To Close
Prices have jumped after Libya’s eastern-based government announced the closure of all oil fields on Monday, halting production and exports.
The Benghazi government is not internationally recognised but controls most of Libya’s oilfield, according to Reuters.
Meanwhile, an Iranian minister has vowed to punish Israel over the assassination of Hamas chief Ismail Haniyeh in Tehran last month.
Iranian foreign minister Abbas Araghchi in a telephone call with his Italian counterpart, Antonio Tajani on Sunday night said that “Iran’s reaction to Israeli terrorist attack in Tehran is definitive and will be measured and calculated”, news outlet IRNA reported.
“We do not fear escalation, yet do not seek it-unlike Israel”, Araghchi wrote on his X social media post, detailing his conversation with Tajani.
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