Oil rises over 6 percent Brent nears 108

Oil prices rose by over 6%, with Brent crude surpassing $107 per barrel and West Texas Intermediate exceeding $102, due to escalating attacks on external shipping and signals of increased risks to global oil supplies. The increase follows the largest escalation of attacks on energy facilities since the start of the Iran war, heightening fears of new disruptions in the oil markets and leading to oil prices stabilizing above $100 for the first time since July. This comes amid escalating tensions in the Middle East and threats from Washington and Iran. The continuation of the rise depends on political developments, especially in China, the world's largest importer of crude. A recovery in Chinese demand could further boost prices, while declining US inventories and forecasted slower demand growth are adding pressure to the market.

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