Algerian Radio
Oil prices surpassed $100 on Monday for the first time since 2022, driven by intensifying military escalation in the Gulf and the Middle East, along with disruptions to energy shipping routes.
Around 11:40 AM GMT, the price of a barrel of North Sea Brent crude for May delivery soared 12.70% to $104.46, after hitting $119.50 earlier in the session.
Its American counterpart, West Texas Intermediate (WTI) crude for April delivery, jumped 11.66% to $101.50, after touching $119.48.
The Strait of Hormuz, through which one-fifth of global oil and liquefied natural gas (LNG) production normally passes, remains impassable.
Gas prices on the European spot market also surged; the Dutch TTF futures contract rose by more than 16.42% to €62.15 per megawatt-hour, after opening with a jump of around 30%.
