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Oil remains above $100 amid supply concerns
Oil prices continue to rise amid increased focus on escalating geopolitical risks following the Houthi group’s targeting of vital facilities in Saudi Arabia and the surge in maritime attacks in the Arabian Gulf. Brent crude has climbed to approximately $110.10 per barrel, reaching its highest level since May, while West Texas Intermediate has reached $103.91. The surge is attributed to supply threats, as at least 18 ships have been targeted over the past two weeks, disrupting shipping routes and fueling concerns over declining supply. Despite efforts by Washington to ease sanctions on Russian fuel exports, markets still anticipate greater disruptions in Gulf production, with forecasts of declining U.S. oil inventories supporting prices above $100 per barrel.
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