Oil prices reach five-month high amid Middle East tensions
Oil prices surged significantly, with Brent crude reaching around $113.1 per barrel, the highest since May, amid escalating tensions in the Middle East and attacks on energy facilities, raising fears of disruptions in the global oil supply. Additionally, U.S. crude futures rose by 2.3% to approximately $99.4, as uncertainty persists regarding fuel supply news due to the rising conflicts in the region, especially in the Strait of Hormuz and Bab el-Mandeb. This increase comes alongside ongoing attacks on energy infrastructure in Russia and Ukraine, further fueling concerns about the stability of the oil market.
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