Oil hits five-month high on Middle East worries

Oil prices rose by 4%, reaching their highest levels in five months amid fears of deteriorating crude supplies from the Middle East. The futures contracts for Brent crude led the increase to $113.17 per barrel, the highest price since May, while West Texas Intermediate reached $99.47, as Libyan production declined due to the closure of a valve on the pipeline. Reports indicate that Middle Eastern oil exports amounted to approximately 17-18 million barrels per day, and in 2025, Russia was the third-largest global oil producer, with sanctions playing a role in supporting prices.

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