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Oil exceeds $100 due to conflicts
Oil prices have risen significantly, surpassing $100 per barrel for the first time since May, following ongoing attacks by the Houthis on Saudi oil tankers in the Red Sea, targeting ships through the Bab el-Mandeb Strait, and imposing a maritime blockade. These actions have caused major disruptions to global oil supplies. The escalation has raised fears of a rapid depletion of reserves and the possibility of oil prices reaching record levels of up to $126 per barrel in the coming months. Meanwhile, Iran has declared control over the Strait of Hormuz and hinted at potential closures. Analysts have confirmed that these developments are likely to increase market unrest and lead OPEC+ member countries to boost production to compensate for the supply shortfall.
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