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Oil rises amid Red Sea clashes and Kazakh output cut
Oil prices are heading towards weekly gains amid rising concerns over the potential closure of vital maritime passages in the Red Sea due to Houthi attacks on oil tankers. This has led to higher prices, with Brent crude surpassing $100 a barrel for the first time since May. Meanwhile, Kazakhstan announced a temporary reduction in its oil production following the shutdown of a major export terminal on the Black Sea, where it cut output from its largest fields by more than half, affecting approximately 2% of global oil supplies. These developments come at a time of escalating regional tensions, with Iranian threats and American warnings of holding Iran accountable for potential attacks.
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