On the oil market, prices are up on Monday as supply concerns resume.

Oil prices were on the rise again after dropping several sessions last week, as concerns about insufficient crude supply regained the upper hand. The barrel of Brent from the North Sea, for delivery in September, gained 2.28% to 103.47 dollars. Meanwhile, American West Texas Intermediate (WTI) barrels for delivery in August took 2.04% to 99.58 dollars.

At the end of June, the leaders of the G7 countries committed to developing a “mechanism” to cap Russian oil prices globally in order to deprive Moscow of ; part of its energy manna.

Oil: Prices spike on Monday

On the oil market, prices are up on Monday as supply concerns resume.

Oil prices were on the rise again after dropping several sessions last week, as concerns about insufficient crude supply regained the upper hand. The barrel of Brent from the North Sea, for delivery in September, gained 2.28% to 103.47 dollars. Meanwhile, American West Texas Intermediate (WTI) barrels for delivery in August took 2.04% to 99.58 dollars.

At the end of June, the leaders of the G7 countries committed to developing a “mechanism” to cap Russian oil prices globally in order to deprive Moscow of ; part of its energy manna.