Middle East Tensions Send Oil Prices Surging
Oil prices have surged due to concerns about potential disruptions in Middle East supply, with UKOUSD trading at around $107.51 after recovering from a low of $107.25.
The U.S. is reportedly considering deploying additional military assets to the region, increasing geopolitical risk and supporting oil prices.
However, Saudi Arabia's efforts to restore export capacity through its East-West Pipeline and resumed tanker loadings from Yanbu have limited further upside.