London: Oil prices continued to rise on global commodity markets, APA-Economics reports. On London's ICE exchange, the price of July futures for Brent crude oil increased by 4.25% or 4.30 US dollars to 105.59 US dollars per barrel. Meanwhile, on New York's NYMEX exchange, the price of June futures for WTI crude oil rose by 4.73% or 4.51 US dollars to reach 99.93 US dollars per barrel.

According to Azeri-Press News Agency, analysts attribute the increase in oil prices to the renewed rise in geopolitical tensions between the US and Iran, alongside expectations of growing supply risks in the Middle East. These tensions have led to concerns over potential disruptions in oil supply, contributing to the surge in prices observed across major exchanges.