Oil surges over $100 on supply fears

Oil prices rose by more than 3% today, approaching $108 per barrel for Brent crude and $103 for West Texas Intermediate, amid escalating attacks on energy facilities in Saudi Arabia and ships in the Gulf, as well as deteriorating shipping traffic through the Strait of Hormuz. This followed an attack on the East-West pipeline in Saudi Arabia, which accounts for about 4% of global oil supplies, and an incident involving a ship in the Strait of Hormuz that was hit by an attack causing a fire and crew evacuation, thereby increasing risks to global oil supplies—especially as tensions intensify along strategic transit routes. These developments are impacting the markets, with concerns that continued tensions could lead to higher oil prices and global inflation, alongside effects on transportation costs and insurance.

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