CSB News USA

CSB News USA · 10:43 AM

Brent crude prices rose above $100 a barrel on Wednesday for the first time in six weeks as intensified fighting between U.S. and Iranian forces heightened concerns about oil supplies from the Middle East and raised the risk of higher inflation and energy costs for consumers and businesses

Brent crude prices rose above $100 a barrel on Wednesday for the first time in six weeks as intensified fighting between U.S. and Iranian forces heightened concerns about oil supplies from the Middle East and raised the risk of higher inflation and energy costs for consumers and businesses. According to Reuters, Brent, the global oil benchmark, has gained about 25% since the beginning of last month as hopes for a permanent resolution to the six-month-old U.S.-Iran conflict have faded. The rally accelerated this week after Iran-backed Houthi forces attacked Saudi energy facilities, setting some oil installations ablaze. The attacks increased concerns that supply disruptions could spread across the wider Gulf region. The move above $100 highlights growing concerns that the global oil market has become increasingly vulnerable after months of reduced exports through the Strait of Hormuz and declining inventories, Reuters reported. Tamas Varga of oil broker PVM said investors were clearly signaling their concerns over the latest escalation. He argued that unless the Strait of Hormuz reopens and oil…

Continue reading →