Middle East Clashes Spark Oil Price Surge Toward $100

Oil prices surged toward $100 per barrel as renewed hostilities in the Middle East intensified concerns about global supply. The immediate catalyst was a wave of Houthi attacks on southern Saudi Arabia, which injured 73 people and caused fires and temporary shutdowns at energy sites.

The kingdom reported strikes on energy and civilian facilities in several cities, including Jazan, Abha, Najran, and Khamis Mushait. The disruption raised fresh concerns about Saudi Arabia's ability to maintain exports while shipping routes remain under pressure.

Goldman Sachs has raised its oil price forecasts this week, citing the prospect of prolonged shipping disruptions. The bank now expects Brent crude to trade at $85 a barrel in December and WTI at $80, both $5 above its previous estimates.