Oil Soars on Middle East Tensions

Oil prices rose sharply at the end of the week, with Brent crude increasing by 7.6% to close at $92.68 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) gained approximately 10%. This surge is driven by ongoing disruptions in oil supplies in the Middle East due to escalating clashes between the United States and Iran. The rising tensions and geopolitical risks are fueling expectations that oil prices could soon reach around $100 per barrel, compounded by increased risks and reduced tanker traffic through the Strait of Hormuz. These disturbances are also pushing up fuel prices, especially diesel, which hit a record high of $5.85 per gallon, impacting inflation and the global economy. Although oil flows are returning to normal, continued tensions raise concerns of further price increases, with forecasts indicating a potential escalation in oil prices in the coming period.

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