Brent Crude Oil Breaks Above $110

[Financial News]  \r\n
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Global oil prices rose above $110 per barrel on the 18th local time.
The rally continued even after Scott Bessent, the United States Secretary of the Treasury, said the suspension of the ban on seaborne oil imports from Russia would be extended again.
The July contract for Brent Crude Oil, the global benchmark, closed at $112.10 per barrel, up $2.84, or 2.60%, from the previous session.
West Texas Intermediate crude oil (WTI) for June delivery, the U.S. benchmark, rose $3.24, or 3.07%, to $108.66 per barrel.
However, after the regular session ended, Brent Crude Oil fell back below $110 per barrel, and prices later turned weaker.
The gains slowed after President Donald Trump said he had ordered a delay in strikes on Iran.
On social media, Trump said he had instructed the military to hold off on the attack on Iran, which had been scheduled for the 19th, following requests from the leaders of Qatar, Saudi Arabia and the United Arab Emirates (UAE).
He added, however, that he had also ordered preparations so that strikes could resume at any time if Iran failed to present a peace plan acceptable to the United States, including a ban on nuclear weapons.
In after-hours trading, the July Brent Crude Oil contract fell 0.2% to $109.03 per barrel. The June WTI contract rose 0.3% to $105.76 per barrel.
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dympna@fnnews.com Song Kyung-jae Reporter