Oil prices expected to rise after US attack on Iran

Global oil prices are expected to rise when energy markets begin trading on Monday morning in Asia.

"The US attacks have taken the conflict to a new level and many people fear that this will only make a bad situation worse," Dr. Carole Nakhle, chief executive of Crystol Energy, told the BBC.

“This fear will be reflected in a higher geopolitical premium added to oil prices - no one knows how much this amounts to, but as a general rule, the greater the fear, the greater the premium,” she adds.

Brent crude oil ended the trading week on Friday at $77.01 a barrel, after rising nearly 20% in the last month.

Despite these increases, oil prices are still lower than at the same time last year.

The cost of crude oil affects everything from how much it costs to fill up your car to the price of food at the supermarket.

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