Commodities
Oil Prices Soar on Fading Middle East Peace Hopes
Oil prices have surged closer to $100 per barrel as hopes for peace in the Middle East continue to dwindle.
Iran has issued a warning to the United States of 'economic warfare' and has fired an advanced missile at US warships, pushing oil prices higher.
The latest attack on Saudi Arabia's Jizan refinery, which has a daily capacity of 400,000 barrels of crude, also contributed to the price hike.
Analysts are forecasting that the crisis will extend into 2027, with some predicting a full return to pre-war throughput not until late Q1 or early Q2 2027.