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Brent oil exceeds $106 amid Saudi attacks
Oil prices, especially Brent crude, have seen a significant increase following the escalation of tensions in the Middle East. This comes after an oil facility in Saudi Arabia was targeted, and rockets and drones were intercepted within the Kingdom, amid ongoing attacks on ships in the Strait of Hormuz. Brent prices rose close to $107 per barrel, driven by security concerns and military operations. Meanwhile, Gulf exports have recovered to as much as 81% of their previous levels, despite Iranian exports remaining halted due to US sanctions. The military and political tensions in the region continue to escalate, raising the likelihood of sustained high oil prices and global energy supply disruptions.
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