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Oil rises above $103 amid Middle East tensions
Oil prices have risen sharply due to escalating tensions in the Arabian Gulf region, where attacks on oil tankers in the Strait of Hormuz have increased, raising concerns over the potential disruption of global oil supplies, which account for about 20% of the world's oil. Meanwhile, the United States has reduced its production in anticipation of further supply disruptions caused by a possible hurricane. Brent crude prices have jumped to $103.31 per barrel, a 3.10% increase, and West Texas Intermediate prices are also climbing, reaching $90.77, amid growing fears of shipment disruptions, higher costs, and increased risks to transportation operations in the area.
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