Oil Prices Surge as Middle East Tensions Escalate
Oil prices surged on July 29, driven by escalating geopolitical conflicts in the Middle East and increased risks to the global energy supply chain. The price of Brent crude rose 6.64% to return to the $90 mark, while WTI crude jumped 6.61% to $84.5.
The recent attacks on a Saudi oil tanker by Yemen's Houthi rebels and joint US-Saudi strikes against pro-Iranian militants in Iraq have fueled concerns over supply disruptions. The Houthi rebels claimed that the attacked vessel, the 'NCC Ghazal', had ignored multiple warnings before being forced to alter its course.
Saudi Arabia's Ministry of Defense stated that precision strikes were carried out in coordination with the US Central Command against pro-Iranian militants in Iraq suspected of launching drone attacks. The US side emphasized that over 30 drone attacks targeted US military and Saudi energy facilities in the past 72 hours.