Oil Holds Above $100 as Middle East Shipping Disruptions Intensify
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Oil Holds Above $100 as Middle East Shipping Disruptions Intensify
Oil prices are headed for a weekly close above $100 a barrel for the first time since May as attacks on Middle East shipping routes fuel concerns over extended supply disruptions. U.S. diesel prices have also surpassed $6 a gallon for the first time.
The increasing number of attacks along key maritime routes in the Middle East increases fears of long-term supply disruptions.
The oil price is still above 100 dollars a barrel. After closing the Strait of Hormuz, Saudi Arabia diverted its oil exports to the Red Sea. Now that this route also seems to be coming under pressure, the oil price seems to be rising even more. “It's a perfect storm,” says Michel Don Michaloliákos, geopolitical analyst at the Hague Institute for Geopolitics Now.
Brent's barrel closed Thursday at $107.63, a jump of more than 20% since the outbreak of hostilities in Iran.
The stalemate in the Middle East, the expansion of the conflict to the Red Sea and the continuing disturbances in the Strait of Ormuz caused a new rise in oil prices, which tend to stay above the US$100. Oil fires: why is the Strait of Bab el-Mandeb so important for the sector? Fuels: misunderstanding made Petrobras announce an increase in gasoline and then retreat, says source The situation is felt in petrol stations, with an unprecedented incr…
The extension of the conflict to the Red Sea and the disruptions in the Strait of Ormuz have once again caused oil prices to blaze.
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