Today, it fell by one percent and the price per barrel of Brent oil and US oil stands at $114.5 and $100.8, respectively.
Next week the elections for the American Congress will be held and it is expected that the tension in the Middle East will increase after the elections.
The increase in tension will lead to an increase in oil prices.
The energy storage situation for European consumers is not good.
On the other hand, high prices will hurt the global economy.