Oil surges past $109 amid Strait tensions
Today, Friday, the price of Brent crude oil rose above $109 per barrel for the first time since May 21, amid escalating fears of oil supply disruptions due to declining shipping activity and increasing attacks on shipping routes in the Middle East, particularly through the Strait of Hormuz. The worsening situation in the region, including the Houthi control over Al-Mokha city and the Red Sea islands, has led to reduced maritime movement and heightened tensions, with mutual American and Iranian threats. Experts foresee that these disturbances could persist for a long time, impacting global oil prices.
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