Commodities
West Asian Tensions Push Oil Prices Near Record High
Oil prices have surged to near-record levels as Brent crude approaches the critical $100 mark amid escalating tensions in West Asia.
The price hike follows a series of US military attacks on Iranian tankers near Kharg Island, which has led to concerns about potential disruptions in the Strait of Hormuz.
Brent crude is now less than $1 away from reaching triple digits, while West Texas Intermediate hovered around $95.
Darrell Fletcher, managing director for commodities at Bannockburn Capital Markets, stated, 'The path of least resistance is a strong and steady grind higher as the war enters its seventh month.'