11 Hrs
Source:
الاقتصادية
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Oil prices climb on Hormuz concerns
Oil prices have risen over the past two sessions due to the military escalation between the United States and Iran, which has sparked fears of ongoing disruptions in energy flows through the Strait of Hormuz. Brent crude traded near $91 a barrel after the U.S. attacked an island in the Strait, and Iran responded with attacks on the UAE and Jordan—in the first exchange of fire in a month—raising concerns about the escalation of the conflict and its impact on global oil supplies. Although Gulf exports have recovered to approximately two-thirds of pre-war levels, shipping operations still face threats of attacks, with the number of ships transiting the strait dropping to five daily amid expectations that the conflict could extend for several months. Prices are also expected to remain above $80 a barrel into 2026.
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