Oil Prices Near Six-Week Peak

Oil prices have approached their highest levels in six weeks, with Brent heading toward $100 per barrel. This comes as oil flows from the Middle East continue to decline due to ongoing mutual attacks between the United States and Iran on ships in the Strait of Hormuz and other areas. Brent crude rose by 1.2%, reaching $97.47, after earlier hitting its highest level since July at $97.93. Meanwhile, U.S. West Texas Intermediate crude increased by 78 cents to $92.26. Maritime traffic through the Strait of Hormuz has also fallen to its lowest point since May, with an average of 10 ships passing through daily over the past ten days—a minimum not seen since May. Goldman Sachs forecasts suggest that oil prices could rise to $120 per barrel if attacks on ships escalate.

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