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Oil rises over 2% on Gulf supply concerns
Oil prices rose by more than 2% today, Tuesday, due to attacks targeting energy facilities in the Gulf region, which disrupted supply lines and heightened concerns about their impact on the global market. Brent crude futures increased by approximately 2.37%, reaching $108.18 per barrel, while West Texas Intermediate (WTI) rose by 2.43% to $103.85. Expectations remain that the effects of these attacks will persist, especially with the possibility that Saudi Arabia's exported oil could be exhausted if the East-West pipeline is not restored, a process that could take anywhere from several days up to 8 weeks to repair. Forecasts indicate that if these attacks continue, Brent prices could exceed $120 per barrel. Additionally, the number of oil tankers passing through the Strait of Hormuz has dropped to less than half of the previous average, further intensifying concerns over global supply.
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