The price of Brent crude oil crossed the $70 (€58.90) mark for the first time since May 2019 on Monday.
The rise follows an attack on the facilities of Aramco in Saudi Arabia and comes against a backdrop of optimism about a global economic recovery.
The price of a barrel of North Sea Brent gained 2.11% on Monday at $70.89 (roughly €59,66). For several weeks now, the price of Brent has been on the rise.
- Price of oil rises above $60 for the first time in over a year
- Oil prices rise to highest level since Covid-19 pandemic began
- British oil group BP lost nearly €17 billion in 2020
In February, it had exceeded $60 (or €50.49) for the first time in more than a year, boosted by prospects of a recovery in demand for oil due to the recovery of the world economy.
Meanwhile, the price of WTI crude oil was also up on Monday morning, rising by 1.50% to $67.12 (roughly €56.49).
The Brussels Times