Middle East Tensions Drive Oil Prices Above $107
Oil prices have surged above $107 as concerns over supply disruptions in the Middle East intensify.
The price hike comes amid ongoing tensions between Iran and the Gulf states, particularly over control of the Strait of Hormuz, a vital shipping route for oil exports.
The latest developments on this front include the postponement of talks between Iran and the Gulf states aimed at resolving their differences and ensuring the safe passage of ships through the strait.