The geopolitical tensions surrounding Iran have recently caused oil prices to rise again significantly. (symbolic image)
Keystone
Crude oil prices have reached their highest level in four months. A barrel (159 liters) of North Sea Brent crude for delivery in March recently cost 68.41 US dollars.
That was 84 cents more than the previous day. The price of US West Texas Intermediate oil rose by 97 cents to 63.36 dollars. This means that prices have reached their highest level since the end of September last year.
The price of crude oil is the most important driver of heating oil and fuel prices. The increase could result in higher costs for consumers.
Geopolitical tensions remain the dominant theme on the oil market. Investors are focusing on developments in Iran, which is a member of the Opec oil-producing countries. Following the protests against the regime in Tehran, the United States has increased its military power in the region.
According to commodities experts at Standard Chartered Bank, the mood on the oil market has changed. Prices are expected to fluctuate more strongly than recently.