Oil rises past $100 a barrel after the latest wave of Middle East attacks
Summary
Oil prices rose above $100 a barrel after recent attacks on oil facilities and ships in the Middle East disrupted supply routes. The conflict, involving the U.S., Iran, and allies, has affected shipping through the Strait of Hormuz, a key passage for global oil trade.Key Facts
- Brent crude oil prices passed $100 a barrel for the first time in almost six weeks.
- U.S. benchmark crude oil prices also increased, reaching $94.77 a barrel.
- The rise followed U.S. military strikes on five Iranian oil tankers and attacks by an Iranian-backed group on Saudi oil facilities.
- The Strait of Hormuz, through which about 20% of the world’s oil passes, has seen most shipping halted since the conflict began.
- Oil prices had fluctuated between $70 and $102 per barrel earlier in the year due to conflict and diplomatic tensions.
- Bank of America analysts raised their oil price forecast for the year’s second half, citing ongoing disruptions.
- If attacks continue to block shipping or damage major energy infrastructure, prices could rise to $95–$150 a barrel.
- Negotiations between the U.S. and Iran have failed, partly due to disagreements over control of the Strait of Hormuz.
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