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Brent crude exceeds 106 dollars
Brent crude oil prices surged sharply, surpassing $106 per barrel amid escalating tensions in the Middle East. The ongoing conflict and the threats from the Houthis in Yemen have disrupted crude exports from the Gulf and the Red Sea. This has led to a 5% increase in prices, reaching their highest level since May and more than a 30% rise from early August levels, amidst continued tensions and the lack of a final agreement between the United States and Iran to end the war. Additionally, OPEC has revised down its global oil demand growth forecast for 2026 to 380,000 barrels per day, as the Houthis advance and gain control over areas in the Red Sea, reflecting an escalation in the regional conflict.
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