Brent crude rises above $90
Photo: Amirhosein Khorgooi/AP/TT

Brent crude rises above $90 a barrel again amid Gulf supply fears

The price of oil rose 1.4 percent to $90.40 per barrel of Brent crude. Concerns about disruptions to production and supply chains around the Persian Gulf - after ten days of renewed fighting between the US and Iran - are behind the increase.

Advertisement

A mediation attempt, which prompted an Iranian minister to travel to Pakistan, raised hopes and pushed oil prices slightly lower earlier this week. But threats from the Iran-backed Houthi movement against ships loading oil and gas in Saudi Arabia are worrying many.

The price of fossil gas is also being pushed up by developments in the war, up 1.6 percent to 59.71 euros per megawatt hour on the Amsterdam Commodity Exchange.

A higher oil price creates upward pressure on the prices of diesel and gasoline in Sweden, while gas prices affect electricity prices for Swedish companies and households.

In this story
AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
Was this useful?

What do you think?

Keep readingmore from Business

All