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Commodities

Oil Prices Surge Amid Middle East Tensions and Threat of Military Strikes

Guavy AI Editorial Team
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Oil
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Oil prices are set to rise for the week as tensions in the Middle East escalate. The Houthi militant group in Yemen has attacked tankers in the Red Sea, disrupting shipping and fueling supply fears. President Donald Trump has threatened military strikes against Iran, which could further disrupt oil supplies.

Brent crude closed above US$100 per barrel for the first time since May, while West Texas Intermediate rose to around 12% for the week. Jay Hatfield, CEO of Infrastructure Capital Management LLC, predicts that if Red Sea traffic is minimal, oil prices could reach US$120 per barrel.

The market is also contending with attacks at the Caspian Pipeline Consortium terminal on Russia's Black Sea coast, which exports most of Kazakhstan's oil. Global inventories have been depleted by months of conflict in the Middle East, raising the risk of a supply crunch and broader economic shock.

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