Brent nears $106 as supply risks ease

Oil prices rose slightly, settling near $106 per barrel for Brent despite earlier declines. This comes amid indications that supply disruptions in the Middle East are easing, with expectations of restarting half of the East-West pipeline in the coming days and full restoration within six weeks. This development is a vital step following damages sustained by the pipeline in last week’s attacks. It also provides an alternative route to the Strait of Hormuz, which remains threatened by ongoing tensions between Washington and Tehran. Crude oil has increased by approximately 75% this year due to tensions between the U.S. and Iran, as well as the Russia-Ukraine conflict, leading to global inflationary pressures and market disruptions.

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