Commodities
Middle East Tensions Send Brent Crude Prices Soaring Past $100
Crude oil prices surged on Thursday, driven by escalating tensions in the Middle East. Brent crude surpassed $100 per barrel for the first time since May, following claims of attacks on two Saudi oil tankers in the Red Sea.
The development has raised concerns about potential disruptions to oil supplies, prompting a sharp increase in global oil prices. As of 8 PM IST, Brent crude was trading at $100.79 per barrel, marking a 7% increase, while West Texas Intermediate (WTI) crude rose nearly 6% to $91.83 per barrel.
Goldman Sachs has projected that Brent crude could rise to as high as $120 per barrel by the end of the year if exports through the Strait of Hormuz are not restored.