Oil opens the week with a new price surge, surpassing $105

AI Briefing

• – Oil prices surge to over $105 a barrel, driven by tensions in the Middle East and a US warning to NATO allies to cooperate on the Strait of Hormuz, despite an IEA's release of 400 million barrels of strategic reserves.
• – The price increase comes amidst a complex web of global events, including the ongoing war in Iran and the lifting of the US embargo on Russian oil.
• – Despite the price surge, US President Donald Trump's decision to lift the embargo on Russian oil has been met with opposition from the European Union.