Oil edges higher amid regional tensions
The article reviews the trend of oil prices heading towards weekly gains after the Houthis' attacks on two oil tankers in the Red Sea, which raised concerns about the potential closure of strategic passages such as the Bab el-Mandeb Strait. Meanwhile, Kazakhstan temporarily reduced its production following the closure of its main export terminal on the Black Sea due to attacks suspected to have been carried out by Ukraine. Despite a decline of 0.72% in Brent crude futures to $99.97, a weekly increase of up to 13.5% is expected. During trading, the price of Brent surpassed $100 for the first time since May, driven by heightened tensions in the Gulf region. The attacks and escalating risks to oil supplies, coupled with international warnings, blame on Iran, and U.S. threats, forced Kazakhstan's largest field to cut production by more than half, reflecting the pressures on global oil markets.
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