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Iranian Shura Council recommends the closure of the Hormuz Strait and leaves the decision up to the Iranian National Security Council.
IRGC Commander Major General Mohammad Pakpour: As time passes, the people's solidarity increases, which is a divine blessing
IRGC Commander Major General Mohammad Pakpour: The Iranian Revolution Guard Corps' aerospace operations will not stop
Russian Foreign Ministry: IAEA Director General Rafael Grossi must ensure that an objective report is presented at the special session of the International Atomic Energy Agency (IAEA)
Russian Foreign Ministry: The UN Security Council must respond to the US attacks on Iran
Russian Foreign Ministry: We strongly condemn the US strikes on Iran, calling the decision irresponsible
Iranian Red Crescent: Three personnel martyred, 29 injured in Israeli aggression
IRGC: We have identified and monitored the departure points of the US aircraft that carried out the aggression
IRGC: America has neither the initiative nor the ability to escape the consequences of a powerful response
IRGC: We strongly affirm that Iran's peaceful nuclear technology cannot be destroyed by any attack

Oil Prices Rise, US Crude Exceeds $80

  • By Al Mayadeen
  • Source: Agencies
  • 11 Oct 2021 11:12
1 Min Read

Oil prices are rising, continuing a trend that has been in place for weeks.

  • x
  • Brent crude rose 81 cents, or 1 percent, to $83.20 a barrel
    Brent crude rose 81 cents, or 1%, to $83.20 a barrel

Oil prices rose on Monday, continuing a trend that has been in place for weeks amid supply constraints from major producers and rising fuel demand as economies try to recover from the coronavirus pandemic.

Brent crude rose 81 cents, or 1%, reaching $83.20 a barrel, after rising nearly 4% last week.

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American crude oil rose $1.15 or 1.5% to $80.5 a barrel, the highest level since late 2014, noting that it had already increased 4.6% until Friday.

Oil prices continue to rise as more vaccinated residents leave the lockdown, initiating economic activity. Consequently, Brent continued to rise for five weeks and US crude for seven weeks.

Coal and gas prices are also rising as international economies recover, which makes oil more attractive as a fuel for power production, thus resulting in these persistent increases.

“We believe crude oil prices will struggle to increase much higher this quarter, and we continue to expect them to decline gradually next year,” Carolyn Payne, chief commodity economist at Capital Economics, said in a memo.

  • economy
  • Brent
  • USA
  • Oil
  • Brent crude oil
  • Oil prices
  • Crude oil

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