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Brent crude oil hits $107
Oil prices experienced a sharp rise, with Brent crude reaching $107 per barrel, due to escalating tensions in the Middle East impacting energy supplies. The November delivery of Brent crude increased by 2.8% to $107.54, while U.S. West Texas Intermediate crude for October delivery rose by 2.3% to $102.34. This movement follows previous gains earlier in the week, driven by attacks on energy sources, as the market focuses on threats to major export routes resulting from the attacks on a Saudi pipeline and the bombing of an Iranian ship in the Strait of Hormuz, reflecting concerns over potential disruptions to oil supplies.
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