Oil prices surged more than 2% following new attacks on Saudi Arabia and the Strait of Hormuz, a key passage for global oil transport. Brent crude was trading between $107.75 and $108.38 per barrel, while WTI hovered around $97.26. These strikes have heightened concerns over supply disruptions, as the Strait of Hormuz carries about one-fifth of the world’s oil supplies. This price increase reflects a supply-risk premium driven by ongoing geopolitical tensions in the region.
Source: Read the original article
