Oil prices rise as markets open Brent exceeds $108

Oil prices experienced a sharp rise following the reopening of global markets, driven by escalating tensions in the Middle East region. Brent crude surpassed $108 per barrel, fueled by the disruption of the Saudi "East-West" pipeline, which transports about 4-5 million barrels daily, and the postponement of negotiations between Iran and Gulf countries in Oman. Additionally, ongoing attacks on commercial ships in the Strait of Hormuz and threats in the Bab el-Mandeb Strait have increased pressure on global oil supplies, contributing to the price surge. This comes alongside market withdrawal from uncertainty after the delay of direct talks between Iran and the Gulf. The situation has also impacted refining capacities and driven up shipping and insurance costs, reflecting the risks of continued tensions on the global energy markets.

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