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Oil prices rose sharply on Thursday, with both Brent and West Texas Intermediate surpassing the $100 per barrel mark for the first time in several months, due to an escalation in attacks on ships and energy facilities in the Middle East. These attacks, including the Houthis' control of the Yemeni city of Mokha and challenges in the Strait of Hormuz, have increased concerns over potential disruptions to oil supplies, especially amid ongoing unsuccessful negotiations to end the war between the United States and Iran. The ongoing tension has caused Brent prices to increase by more than 30% since early August, while rising Chinese demand has supported the market, despite OPEC lowering its global demand growth forecast to 380,000 barrels per day for 2026.
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