Hirmuz drives oil prices near $100

Oil prices are rising amid escalating tensions in the Strait of Hormuz between the United States and Iran, as both sides have targeted commercial and oil ships. This has led to a decline in shipping traffic through the strait to the lowest level since May, significantly impacting global oil supplies, which pass through about one-fifth of the world's oil production. Analyses predict that this ongoing confrontation could continue for an extended period, potentially disrupting supplies until early 2027. Such a scenario might see Brent prices approaching the $100 mark after experiencing weekly gains of over 7%, with the risk of damaging the global economy due to rising fuel and transportation costs.

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