🔻Oil prices reached $102 in the first hours of the new workweek

With the opening of oil markets in East Asia, the price per barrel of North Sea Brent for the new week started at just over $102.

Although the lack of a ceasefire in the military conflict between the United States and Iran continues, and tensions in the statements of leaders of the two countries—especially Donald Trump, who again spoke about the destruction of Iran if the country does not reach an agreement with the United States—has kept oil prices elevated.

At the same time, the Strait of Hormuz remaining closed and the start of autumn and cooling weather in Europe have kept oil supply in the early part of the season increasing amid higher demand.