Brent Crude Oil Hits 5-Month High As Ship Attacks, Saudi Site Strikes Fuel Supply Fears (AI-generated Image)
\n\nBrent crude oil prices surged to a five-month high, with prices trading at 111 dollars per barrel (at the time of filing this copy). Experts believe reports of fresh tensions in the Middle East, Houthi attacks on Saudi infrastructure and vessel attacks have added to the already persistent supply concerns and led to the rise in prices.
\n\nGlobal oil expert and CEO-Australia, Trading.com & Chief Strategist Asia-Pacific XM.com, Peter McGuire told Times Now Digital, "Brent goes on a tear and cracks 111 dollars per barrel with concerns over heightened kinetic activity in the Middle East. Traders are fundamentally bullish as has been demonstrated over the past week and market sentiment remains skewed to the upside."
\n\nIndustry experts therefore suggest oil prices could extend gains and breach 111 dollars per barrel as heightened Middle East tensions fuel more supply concerns. As per reports, Houthis had on Monday stated they launched several attacks on Saudi energy, airport and military targets, such as an Aramco site in Yanbu, the Shaybah oilfield, Riyadh’s King Khalid International Airport and Abha airport. Saudi authorities did not immediately confirm the…
Original source: https://www.timesnownews.com/business-economy
