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BREAKING
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area

Oil Continues Gains, Jumps Above $80 Per Barrel

  • By Al Mayadeen
  • Source: Agencies
  • 28 Sep 2021 10:15
1 Min Read

Oil makes record gains in years as the world recovers from the pandemic amid issues in the supply chains.

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  • A worker operates valves in Nihran Bin Omar field north of Basra, Iraq, on January 12, 2017 | AP
    A worker operates valves in Nihran Bin Omar field north of Basra, Iraq, on January 12, 2017 (AP)

Brent crude oil continued making gains Tuesday, jumping above $80 a barrel, a first in nearly three years. The rise in value is attributed to escalating concerns about surging demands and supply anxieties as the world is emerging from the COVID-19 pandemic.

With governments easing restrictions and lockdowns and vaccines rolling out, more and more are betting on oil, with natural gas being at its highest in seven years. 

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Oil prices at a record high since 2014

Oil Drops 3% over Vaccine Efficacy Doubt

At the same time, crude stockpiles have decreased as output by OPEC and other major producers, such as Russia, have been unable to cover the increase in demand.

Brent made a 0.9% gain in morning Asian trade, rising to $80.24, the highest it has been since October 2018. West Texas Intermediate also made a 0.9% gain, rising to $76.07.

These gains come even as the global economic recovery slows down due to supply and demand issues and the Delta variant, which is leading to a surge in COVID-19 cases in many countries across the world.

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