Oil rises 4% as Brent surpasses 105
Oil prices have risen significantly, with Brent crude jumping by 4% to exceed $105 per barrel, following intensified attacks on shipping vessels and increased tensions in the Gulf region. This includes the Houthis taking control of the Al-Makha port and ongoing attacks on oil tankers in the Strait of Hormuz. The escalation has caused supply disruptions, with Brent prices increasing by approximately 30% since early August, amid warnings that the conflict could continue and impact market stability, especially with inspections by Iran and the United States. The extent of the price rise will depend on China's demand recovery, the world's largest oil importer, which has recently stepped up its purchases to support demand. Meanwhile, OPEC has lowered its growth forecast for oil demand in 2026 to 380,000 barrels per day, amid declining production and exports in the region.
Notice: This Is an AI-Generated Summary
Comments (0)