The price of a Brent barrel has plummeted to $108
However, markets fear that oil prices will continue to rise as a result of tensions in the Middle East and the closure of the Yanbu pipeline.
Oil extraction infrastructure. Stock photo: Europa Press
The price of Brent oil, the benchmark in Europe, has fallen by 0.65% early in the morning (at 07:00 in the Basque Country) to $108.04 a barrel, while tensions in the Middle East remain high, compounded by the fact that oil vessels cannot cross the Strait of Hormuz because it is closed and the Yanbu pipeline (Saudi Arabia) has also been closed.
Yesterday Brent reached $110 a barrel, the most expensive price since last May.
According to market forecasts,oil prices will continue to riseas a result of the closure of the Strait of Hormuz and the Yanbu pipeline.
On the other hand, the benchmark West Texas Intermediate (WTI) has risen 0.97% to $104.8 a barrel.
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