Commodities
Oil Prices Hold Firm Above $100 as Middle East Disruptions Persist
Oil prices have remained above $100 per barrel as concerns over supply disruptions in the Middle East continue. The Brent crude price is currently at $105.99 per barrel, while WTI crude is trading at $101.20.
The prices of both benchmarks are more than 10% higher for the week, marking their strongest weekly gains since July. This increase is largely due to shipping disruptions around key routes, including the Strait of Hormuz, which have influenced oil markets.
The Strait of Hormuz and Red Sea shipping routes have been disrupted by attacks on regional energy infrastructure, increasing concerns about broader supply disruptions. Iran-aligned Houthi forces seized Yemen's port of Mocha, further contributing to these fears.