Commodities
Brent Oil Prices Soar Above $100 as Middle East Tensions Escalate
Brent oil prices continued to rise on Friday, hovering above $100 per barrel as concerns about disrupted energy flows in the Red Sea and fears of further escalation in the US-Israeli war on Iran drove prices higher.
The contract advanced 37 cents, or 0.37%, to $101.06 a barrel at 0330 GMT, having settled up 7% above $100 in the previous session for the first time since May.
Analysts from ING stated that 'the potential supply disruptions facing the market now are larger than at any time during the war', citing risks to oil flows through the Strait of Hormuz and Saudi Arabia's Red Sea routes.
The number of tankers crossing through the Strait of Hormuz fell to just one on Thursday, according to ship-tracking data from Kpler, an analytics firm.