Oil Prices Soar Amid Geopolitical Tensions

The international commodity market saw positive developments on August 12 as both crude oil and precious metals experienced price increases.

US crude oil prices rose by 0.61% to $83.71 per barrel, while Brent oil increased by 0.62% to reach $89.46 per barrel, marking its sixth consecutive increase session.

The upward momentum in oil prices is attributed to concerns about maritime security on important shipping routes, particularly in the Middle East region.

A recent incident in the Red Sea saw a Yemeni government-accused Houthi attack on a cargo ship, killing four people and injuring ten rescuers, which has further heightened tensions.