Oil rises over 4% amid Middle East tensions
Oil prices rose by more than 4% at the start of the week, ignoring OPEC Plus's decision to increase output. The price of West Texas Intermediate (WTI) crude reached $94.60 per barrel, while Brent crude traded at $97.57. The rise is attributed to ongoing tensions in the Middle East and the closure of the Strait of Hormuz, through which about 20% of global oil supplies pass. This has led to a decline in actual production and a deterioration of global inventories. JPMorgan Bank forecasts that Brent prices will average $96 during 2026, amid concerns that ongoing conflicts will continue to affect the oil market.
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