Oil prices surpass $100 due to supply issues
Global oil prices surged sharply on Friday, surpassing the $100 per barrel mark due to growing concerns over energy supply disruptions caused by tensions in the Middle East, a decline in U.S. oil inventories, and renewed attacks on Russian oil facilities in Ukraine. The futures contracts for U.S. crude rose by more than 2.3%, reaching approximately $100.3, while Brent crude futures increased by 2.9%, reaching around $109 per barrel. The decline in U.S. oil inventories—about 8.6 million barrels over the week—added to the market pressure amid fears about its impact on production and transportation. The ongoing military and political conflict in the Middle East, especially in the Strait of Hormuz, remains a key factor influencing oil prices, as markets continue to watch for any developments that could lead to further supply disruptions.
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