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Oil rises 3% amid Middle East tensions
Oil prices rose by approximately 3% today, Monday, due to escalating tensions in the Middle East, especially after an attack targeted a ship in the Strait of Hormuz, causing a fire and crew evacuation. Iran announced the death of one person and injuries to four aboard an Iranian vessel. Additionally, Saudi Arabia temporarily halted the East-West pipeline after it was targeted in regions of Riyadh and Medina. Prices were expected to rise further amid ongoing concerns over potential disruptions to energy supplies, with Brent reaching $107.75 per barrel and West Texas Intermediate reaching $103.06, marking a notable weekly increase of over 8%. In the absence of peace talks between Iran and Gulf countries, the risks to oil supplies remain high due to continuous military and security escalations.
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