Oil prices climb US crude over $103
Oil prices rose significantly towards the end of the week, with American crude surpassing $103 per barrel, marking an increase of around 13% over the course of the week. This surge was driven by escalating attacks on shipping routes in the Middle East and threats of prolonged disruptions to global oil supplies. Attacks by the Houthis on the Yemeni port of Mukha, along with increasing assaults on oil tankers, have heightened concerns over long-term disruptions, especially as tensions between Iran and the United States intensify. Analysts have indicated the possibility of oil testing new record highs. Meanwhile, OPEC lowered its global oil demand growth forecast for 2026 by 380,000 barrels per day, following a reduction in its August production by 640,000 barrels, reflecting a shrinking market outlook and decreased supply.
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