Arab Finance: Oil prices are holding steady above $100 a barrel for the second month amid escalating regional tension as the US-Israel war entered its fifth week.
Brent crude hit around $116.34 per barrel on Monday at 10:04 AM Cairo time.
Likewise, West Texas Intermediate (WTI) crude increased to $101.98 per barrel.
Lars Jensen, a shipping expert and former director at Maersk, warned that, even if the Strait of Hormuz "magically were to open tomorrow," there were still further price rises to come.
"We need to keep in mind that a lot of the oil that was loaded in the Arabian Gulf prior to this crisis is only now arriving in refineries," Jensen told the BBC.
