Oil exceeds 100 dollars amid supply worries
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Oil prices have risen significantly, with Brent reaching $108.68 per barrel. This comes amid escalating attacks on shipping routes in the Middle East, particularly in the Red Sea and the Strait of Hormuz, sparking concerns over prolonged disruptions to global oil supplies. The increasing number of attacks, including the Houthis' seizure of the Al-Makha port, has heightened fears of supply interruptions in the region. Experts anticipate oil prices to hit their highest level since March, with the market experiencing a weekly rise of 13%. Markets also fear an escalation of the Iran-U.S. conflict, amid threats of potential confrontations with Iranian facilities, amid OPEC's declining production and reduced global demand forecasts for oil extending through 2026.
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