Brent crude oil prices climbed past the 100 dollar threshold following heightened instability in the Middle East. The surge in market value is attributed to recent attacks on energy infrastructure in Saudi Arabia and a series of military engagements involving the United States and Iran. US Central Command confirmed the destruction of five Iranian oil tankers in the Gulf of Oman and near Kharg Island after Iranian forces targeted an American warship with ballistic missiles. These developments have intensified concerns regarding the stability of global energy supplies, causing the international benchmark to rise by over two percent. West Texas Intermediate also experienced gains as traders react to the potential for further supply chain disruptions in the region. Military authorities have instructed crews to evacuate vessels as the situation remains volatile near key export hubs.
Source : The National
Photo : The National
