22 Hrs
Source:
الاقتصادية
Oil Prices Rise for Third Week
Oil prices are notably progressing toward securing their third consecutive weekly gain as tensions in the Middle East escalate. Brent crude has risen to around $114 per barrel, up approximately 3% this week, while West Texas Intermediate trades at about $100. This comes amid increasing missile and drone attacks by the Houthis targeting Saudi targets, along with warnings of an escalation in hostilities around the Strait of Hormuz, posing a threat to global oil supplies. Additionally, the CEO of Saudi Aramco confirmed efforts to increase production capacity to 10 million barrels per day. Tensions between the United States and Iran continue, with reports of plans for potential military strikes against Iran, which has significantly driven up oil prices this year—especially with rising costs for refined products like diesel.
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