Oil Prices Soar Past $100 Amid Ongoing Middle East Tensions
Oil prices have reached new heights as tensions in the Middle East persist. The Brent crude benchmark traded at $107.70 per barrel, while WTI crude stood at $102.50 a barrel. These gains follow a surge of over 6% on Thursday, with weekly gains reaching nearly 13%. This is the highest price since mid-May.
The risks to oil shipments have increased across both the Red Sea and the Gulf. The Houthi rebels seized control of Yemen's port of Mocha, posing a threat to Red Sea traffic. Traffic through the Strait of Hormuz remains restricted due to intensified tanker attacks in recent days.
US President Donald Trump warned that the US may hit Iran's Pickaxe Mountain, located near its heavily damaged Natanz uranium enrichment facility. This escalation comes after Iran said it had attacked 10 ships near the strait on Wednesday. The Islamic Revolutionary Guard Corps has vowed to escalate its response to any further attacks.