Oil prices rise amid supply worries
Oil prices have risen significantly due to ongoing concerns about Middle Eastern supplies, especially with increased attacks on oil shipments in the Strait of Hormuz, a vital passage for around 20% of global oil. The price of Brent crude increased by 1.33% to $101.53 per barrel, while West Texas Intermediate rose by 1.26% to $89.39. This came alongside an unexpectedly large drop in U.S. oil inventories, falling by 3.2 million barrels to 424.1 million barrels— the lowest level in years— coupled with growing attacks on oil tankers and shipping threats in the strait.
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