Oil dips below $100; Brent rises 9.5% weekly
Oil prices increased over the past week by 9.5%, with a barrel of Brent crude closing at approximately $96.78, approaching the $100 mark, though remaining above $93. This rise was driven by military threats from U.S. President Trump and Houthi allies following attacks on oil tankers in the Red Sea, as well as supply disruptions caused by the Houthis' blockade of Saudi Arabia, which aims to avoid reliance on the Iranian Strait of Hormuz by redirecting oil shipments through an alternative pipeline. Analyses suggest that if oil supplies are halted for several months, Brent prices could reach around $114, as production temporarily drops in some countries due to attacks on export facilities.
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