Global oil prices rose, exceeding the threshold of $100 per barrel for Brent and West Texas Intermediate crude oil, to record new records, affected by escalating fears of disruption of energy supplies and disruption of maritime navigation in the Middle East.
Brent crude oil jumped to about $107.63 per barrel before settling near $105.62, while US crude oil exceeded $102.48 for the first time in months, recording sharp weekly gains of about 13%.
This price boom comes as a result of increasing pressure on shipping movement through vital sea straits. Tanker traffic through the Strait of Hormuz has declined to record levels, in parallel with the rise in risks at the Bab al-Mandab Strait in the Red Sea, which threatens a shortage of supplies and increased shipping and insurance costs globally.
