Oil Prices Soar Amid Ongoing Middle East Tensions
Oil prices have been rising steadily, with Brent crude futures reaching as high as $109.97 per barrel on Friday, marking their highest level since May.
The increase is attributed to escalating attacks on key Middle East shipping routes, which have intensified fears of a prolonged disruption to global supplies.
The Strait of Hormuz remains restricted, with oil flows still affected by the ongoing fighting between the United States and Iran, as well as intensified attacks on tankers in the region.
Concerns have also spread to the Red Sea after Iran-aligned Houthis seized Yemen's port of Mocha, raising fears of further disruptions to another key shipping route used for energy exports.
The developments have increased concerns among traders that disruptions to Middle East oil supplies could persist rather than ease in the near term.