WANA (Sep 10) – The global price of Brent crude has risen above $105 per barrel, as a sharp decline in tanker traffic through the Strait of Hormuz has heightened concerns over global oil supplies.

 

Brent crude surpassed the $105 mark as traffic through the Strait of Hormuz fell to its lowest level in four months last week.

 

At the same time, U.S. strategic oil reserves have fallen to their lowest level in 45 years, while diesel prices in the United States have climbed to their highest level on record.

 

The simultaneous decline in traffic through one of the world’s most important energy routes, falling U.S. strategic reserves and rising fuel prices have added further pressure to global energy markets and contributed to the upward trend in oil prices.