BAKU, Azerbaijan, July 23. The price of a barrel of Brent crude oil has exceeded $100 for the first time in two months.
According to stock exchange data, a barrel of Brent oil is currently being sold for more than $100 on the London ICE exchange, and a barrel of Light oil is being sold for more than $91 on the New York NYMEX exchange.
According to analysts, oil prices are increasing against the backdrop of the escalation of conflict and supply disruptions in the Middle East, as well as the recent developments in the Red Sea. The attacks by a group based in Yemen have opened a new front in the regional conflict that has already paralyzed traffic in the Strait of Hormuz, the "gateway" to the Gulf, after tensions between the U.S. and Iran increased.
According to analysts at Trading Economics, the Iran-backed Houthi group has claimed responsibility for attacks on two Saudi oil tankers in the Red Sea, saying the strikes were aimed at enforcing a newly announced blockade of Saudi ports.
"The attacks have raised concerns that there could be further disruptions to shipping in the region, with buyers in Asia considering longer and more expensive alternative routes.
Supply risks have been heightened by continued attacks on ships in the Strait of Hormuz, renewed U.S. strikes on Iran and Kazakhstan's suspension of crude exports through the Caspian Pipeline Consortium (CPC) terminal following drone attacks.
At the same time, Washington and Tehran continue to say that peace talks are unlikely in the near future, fueling expectations that tensions could keep oil prices high," the report said.
