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Oil nears $107 amid regional flare-ups
Oil prices rose significantly due to escalating tensions in the Middle East, with Brent surpassing $107 per barrel after an administrative building of Saudi Aramco in Dhahran was targeted and attacks on ships in the Strait of Hormuz. The market experienced an increase of 0.8%, reaching $106.54 per barrel for December contracts, while West Texas Intermediate (WTI) reached $94.91. The gains came amid intensified security attacks in Saudi Arabia and Yemen, including targeting Saudi facilities and intercepting rockets and drones, along with a general escalation of regional tensions.
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