Oil hits $100 amid Red Sea risks

Oil prices have surpassed $100 per barrel for the first time in two months, after the Houthi group targeted two Saudi oil tankers in the Red Sea using missiles and drones. This escalation heightens concerns over disruptions to global crude supplies. The ongoing spike, coupled with disruptions in Kazakhstan's exports and impacts on global inventories, threatens to drive prices even higher, especially as geopolitical tensions continue to rise and prospects for negotiations between Washington and Tehran diminish.

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