Commodities
Oil Prices Soar Over $100 Per Barrel Amid Escalating Tensions and Shipping Attacks
Oil prices surged to over $100 per barrel on Thursday, marking a 5% increase for Brent crude and US crude. The spike in prices is attributed to the escalating tensions between Iran and the West, as well as attacks on shipping in the region.
The attack on ships near the Strait of Hormuz has intensified in recent days, with Iran-aligned Houthis seizing control of Yemen's port of Mocha on Thursday. This poses a further threat to Red Sea traffic and oil exports.
Simon-Peter Massabni, head of business development at XS.com, noted that the attacks from Yemen introduce 'a fresh source of market risk,' expanding concerns beyond Iran and the Strait of Hormuz.