Brent crude oil prices neared the 100 dollar threshold on Wednesday, marking their highest level since July, as renewed hostilities in the Middle East sparked fears regarding global supply chain stability. Brent futures climbed 1.3 percent to 99.22 dollars, while West Texas Intermediate rose 1.2 percent to 94.13 dollars. Since August, oil prices have surged by 25 percent due to the ongoing six-month conflict showing no signs of resolution. Recent escalations include Houthi strikes on Saudi Arabian cities, United States military actions against Iranian oil tankers, and Iranian attacks on a U.S. base in Jordan. These developments have intensified market concerns that the regional instability will continue to impede oil production and distribution, further pressuring global energy markets.
Source : Newswire
Photo : Newswire
