Global Oil Price Rises To $103 Per Barrel on Tuesday

The price of crude oil in the international market, on Tuesday, rose to about $103.15 - £77.37 - per barrel. The crude price was said to have increased as much as almost $105 in early hours of Tuesday. The increasing crude oil price in the global market may not be unconnected with the war in Iran between U.S./Israel allies, and Iran. The war provoked the restriction of vessels conveying crude oil across the Strait of Hormuz by Iran. Meanwhile, the Iraqi oil minister had disclosed that contact had been made with Iran to allow some oil tankers to pass through the Strait of Hormuz.