Oil prices rose in early trading today, driven by growing concerns over supply disruptions in global markets.
Brent crude futures increased by $1.06, or 1.1%, to reach $101 per barrel, while U.S. West Texas Intermediate crude gained $1.58, or 1.8%, to $89.71 per barrel.
The rise comes amid escalating military tensions in the Middle East, which have led to a near halt in the flow of about 20% of global oil and liquefied natural gas supplies passing through the Strait of Hormuz.
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The new facilitations aim to ease financial burdens and ensure the continuity of supply chains amid current operational challenges.
