Commodities
Oil Prices Spike Above $100 as Middle East Tensions Escalate
Oil prices surged above $100 per barrel last week due to escalating tensions in the Middle East and fears of supply disruptions.
The price of Brent, the international benchmark, closed at $104.61 a barrel, down 2.8% from its previous high, while US West Texas Intermediate (WTI) fell 2.4% to $100.05 a barrel.
The weekly gains in crude oil prices were significant, with Brent rising 8.7% and WTI increasing by 9.4%. The Strait of Hormuz remains at the center of the energy crisis, as it is a critical route for transporting oil and liquefied natural gas.
Saudi Arabia's East-West pipeline was targeted in attacks attributed to militants linked to Iran, and the kingdom suspended operations temporarily due to security concerns.