Oil prices rose on Tuesday to cross the $90 per barrel level, after ending yesterday’s session with a decline amidst the new flare ups in the Middle East.
Brent crude futures for June delivery rose 46 cents, or 0.5 percent, to $90.56 per barrel, while US crude futures for May delivery rose 43 cents, or 0.5 percent, to $85.84 per barrel, Reuters reported.
Oil prices had ended Monday’s session lower after Iran’s weekend attack on Israel proved to be less damaging than anticipated, initially easing concerns of a quickly intensifying conflict that could displace crude barrels.
Iran, which produces more than 3 million barrels per day of crude oil, is a major producer of the Organisation of the Petroleum Exporting Countries (OPEC).
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