Commodities
Middle East Oil Prices Surge Near $110 Per Barrel Amid War Disruptions
The price of physical crude oil has surged to two-month highs, nearing $110 per barrel, due to supply disruptions linked to the Iran and Ukraine wars.
Global oil price benchmark Brent reached a high of $105.70 per barrel on Thursday, its highest since late May, according to LSEG data.
The collapse of a preliminary US-Iran peace deal and increased disruption to exports through the Strait of Hormuz have contributed to the supply concerns.
Tamas Varga, an oil broker at PVM, noted that 'supply considerations are once again at the forefront of thinking.'