Oil exceeds $97 amid Middle East ship attacks

Oil prices have risen significantly following the deteriorating situation in the Middle East and the escalation of tensions between the United States and Iran. Mutual attacks targeted ships in the Strait of Hormuz, causing a decline in oil flows through the strait, which previously accounted for one-fifth of global supplies before the war. The futures contracts for Brent crude oil increased to $97.16 per barrel, up 0.91%, while West Texas Intermediate rose to $92.63 per barrel, up 1.26%. Experts are forecasting that the confrontation will continue for an extended period, impacting production and export levels in the region until early 2027, amid growing concerns over disruptions to global oil supplies.

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