Oil Prices Soar Above $100 Amid Escalating Middle East Conflict
Oil prices have surged above $100 per barrel as the Middle East conflict escalates. The US military has cut commercial ship escorts through the Strait of Hormuz to twice a day, while a Saudi pipeline that serves as a key detour for crude has been shut down after a drone attack.
The reduction in escort windows is aimed at ensuring safe passage following Iran's series of nighttime attacks on ships transiting the strait. Analysts warn that oil prices could rise further due to the shrinking routes carrying Middle Eastern crude, which have narrowed both at sea and overland.
BRICS leaders, a bloc of non-Western emerging economies led by China and Russia, have called for maximum restraint in the conflict, urging avoidance of actions that could worsen the situation. The New Delhi Declaration, adopted during their summit, expresses deep concern over the escalating tensions in the Middle East.