At the start of the trading week, the price of oil increased by 12.2 percent, which is linked to the escalation of tensions in the Middle East region.
Meanwhile, the WTI oil contract for October delivery also rose, increasing by 2.3 percent to reach $76.7 per barrel.
Analysts had previously predicted a sharp rise in oil prices, pointing to the blockage of the Strait of Hormuz as the main reason. However, Iranian authorities recently stated that Tehran does not intend to close this maritime corridor.
