Commodities
Oil Prices Stabilize Amid Escalating Middle East Tensions
Oil prices have stabilized above $90 per barrel despite escalating tensions in the Middle East. Brent crude rose by 0.09% to $92.25 a barrel, while WTI crude increased by 0.35% to $85.31 a barrel.
The recent stability comes amidst heightened supply concerns, with an oil tanker being struck by an unidentified projectile near Oman's Ash Shishah. This incident has raised alarms as tensions around the Strait of Hormuz continue to escalate.
Iran claims control over this critical waterway and has identified 45 tankers it alleges violated its regulations for crossing the strait, warning of potential actions against them, including cargo confiscation.