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Commodities

Middle East Tensions Fuel Oil Price Surge Amid Supply Risks

Guavy AI Editorial Team
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Oil
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Crude oil prices surged on Friday due to escalating tensions in the Middle East. The Strait of Hormuz and Red Sea witnessed increased shipping threats, heightening global supply disruption concerns. West Texas Intermediate (WTI) crude rose $1.08, or 1.29 percent, to close higher.

Tensions mounted after Ukrainian drone attacks targeted tankers bound for the Caspian Pipeline Consortium terminal, despite a strong U.S. dollar. Houthi leader Abdulmalik al-Houthi warned of rising regional conflict, signaling that Saudi Arabia was moving toward broader escalation.

Maritime security remains compromised as the United States enforces a blockade on ships bound for Iranian ports. Iran continues to threaten transit through the Strait of Hormuz, leaving diplomatic efforts to restore open navigation at a standstill.

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