18 Hrs
Source:
الاقتصادية
Brent Approaches $106 Amid Supply Relief
The article reveals stability in oil prices, particularly for Brent and WTI (West Texas Intermediate), following a sharp decline due to signals indicating a reduction in oil supply disruptions in the Middle East. There are expectations of resuming operations on a major pipeline in Saudi Arabia within a few weeks. Prices dropped approximately 2.7% yesterday but the market is regaining some of its strength, although risks have not completely disappeared. The targeted oil pipelines, especially the East-West line, are being sought for partial restoration by Saudi Arabia within days, with full recovery expected within six weeks. This aims to serve as an alternative to the threatened Strait of Hormuz, which is experiencing tensions between Washington and Tehran. Oil prices have risen by about 75% this year due to conflicts in the Middle East and Ukraine, exerting increased global inflationary pressures and prompting the U.S. Federal Reserve to raise interest rates by 25 basis points in an effort to combat inflation. There are varying estimates about the volume of oil passing through the Strait of Hormuz, with expectations that tensions may intensify and impact oil prices, which are approaching $110 per barrel, with the possibility of reaching $120 if disruptions worsen.
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