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Oil climbs on supply disruption worries
Oil prices have risen significantly due to growing fears of a disruption in global supplies amid military escalation between the United States and Iran, and increasing tensions in the Gulf region. Brent crude oil increased by 1.1% to reach $92.01 per barrel, while West Texas Intermediate rose by 1.0% to $85.16, both hitting their highest levels in five weeks. This rally followed new American strikes targeting Iranian sites and the interception of Iranian drones by Kuwaiti defenses. Additionally, risks have heightened as the Yemen-based Houthi group threatened to target oil tankers in the Bab el-Mandeb Strait and announced a naval blockade on Saudi Arabia. These threats have led to route shifts for oil tankers and the suspension of Kazakh oil loading through the Caspian Sea pipeline, with warnings that Kazakhstan might reduce its production. All of these factors contribute to increased pressure on the global supply and the market.
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