Oil exceeds $110 amid Middle East tensions
On Thursday, oil prices rose due to escalating fears of energy supply disruptions in the Arabian Gulf following attacks on Saudi sites carried out by the Houthi group allied with Iran. These attacks resulted in one death in Dammam and targeted an oil field, increasing regional security tensions. As a result, Brent crude futures climbed to $110.11 per barrel, while West Texas Intermediate rose to $98.12. The United States announced the withdrawal of the families of its diplomats from the region due to the worsening security situation. Additionally, Iran appears to be demonstrating its strength by reporting explosions in the southern part of the country, reflecting an escalation in the confrontation. Markets are now focused on how this will impact global oil supplies and the potential for prices to rise amid the risks of regional instability.
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