Oil exceeds $100 on conflict and supply issues
Oil prices have risen significantly following the Houthi attacks on two Saudi oil tankers in the Red Sea, leading to increased tensions over global oil supplies. Brent crude surpassed $100 a barrel for the first time since May, amid fears that escalating conflicts could push the price close to $126 per barrel, the highest level in four years. The attack disrupted shipping through the Strait, which accounts for about a quarter of global oil shipments, with the situation worsening after the Houthis targeted Saudi oil tankers and imposed a naval blockade, posing a serious threat to worldwide supplies. Market experts expect prices to continue rising as tensions and geopolitical risks in the region persist.
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