Commodities
Oil Prices Surge Past $100 Amid Middle East Tensions and Saudi Production Slump
Oil prices have surged to new highs as Brent crude surpassed $105 per barrel and US crude (WTI) broke through the psychological $100 threshold.
The rise in oil prices is attributed to a combination of factors, including escalating hostilities in the Middle East and a significant decline in Saudi Arabia's oil production.
Saudi Arabia informed OPEC that its crude oil production had plummeted to 6.238 million barrels per day in August, marking a 1.9 million barrel per day decrease from previous levels.