Brent crude hits $95 first in six weeks

Oil prices saw a significant rise, with Brent crude surpassing $95 per barrel for the first time in six weeks. This increase was driven by escalating tensions in the Middle East and the threat of oil supply disruptions amid the confrontation between the United States and Iran, as well as Houthi threats in Yemen. The escalation of American military activity and Kuwaiti defenses intercepting Iranian drones heightened market concerns, prompting oil tankers to alter their routes to avoid these threats, especially through the Bab el-Mandeb Strait. Despite this, U.S. data showed an increase in oil inventories last week; however, the market continues to respond to the possibility of ongoing supply disruptions and decreased maritime traffic in the region.

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