Brent extends gains, WTI crude surpasses $100

10:05 AM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose today, March 16, as US President Donald Trump escalated his pressure on countries to help reopen the Strait of Hormuz.

 

Brent crude was trading up 2.50% at $105.75 a barrel, at 10:21 am Makkah time. West Texas Intermediate (WTI) rose 1.45% to $100.14 a barrel.

 

In an interview with The Financial Times, Trump stated that he might postpone his planned summit with his Chinese counterpart, Xi Jinping, if Beijing does not help open the Strait of Hormuz. He also warned that NATO would face a very bad future if member states do not provide assistance in this matter.

 

Trump indicated that oil prices would drop sharply once the war ended.

 

Morgan Stanley raised its forecast for Brent crude to $110 a barrel in the second quarter of this year, according to media reports.

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