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الوئام
Oil prices rise over 5% since May
Oil prices jumped over 5% on Thursday, with the two main benchmarks trading above $100 per barrel. This came amid a surge in attacks on shipping and growing concerns over supply disruptions. Brent crude futures rose by $5.39 (5.33%) to reach $106.60, while American crude surpassed the $100 mark for the first time since May, climbing by $5.16 (5.37%) to $101.21. This increase is attributed to escalating tensions between the United States and Iran, especially after Iran targeted 10 ships near the Strait of Hormuz and the U.S. responded by striking Iranian tankers. These developments have heightened fears of a prolonged conflict, reducing the likelihood of reaching a stable, long-term agreement between the two sides. Analysts expect that the continued rise in prices is linked to increased demand from China, the world’s largest oil importer, which has ramped up purchasing after a period of subdued demand. This, along with persistent risks of supply disruptions—especially amid recent downward revisions to global demand growth forecasts by OPEC and its reduced oil production in August—further supports the bullish trend.
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