As tensions rise in the Middle East, Brent crude oil price crosses $102

Following the increase in tensions in the Middle East, the price of Brent, the benchmark oil, crossed $102 on Thursday, showing an increase of about 1% compared to the previous day and about 8% compared to the beginning of the month.

On Tuesday evening, the United States targeted five Iranian oil tankers in response to the Islamic Republic’s missile attack on this country’s warship, and the ruling regime in Iran also attacked four ships in the Persian Gulf and the Sea of Oman.

According to estimates by the U.S. Energy Information Administration, last month Iran’s daily oil production fell by 800,000 barrels compared to July due to the renewed imposition of the U.S. maritime blockade; at the same time, the intensification of the Islamic Republic’s attacks on ships in the Strait of Hormuz and the start of the Houthis’ attacks in the Red Sea and the Bab el-Mandeb have caused the average daily production of oil from the Arab countries in the region to decrease by 940,000 barrels compared to July.

Total oil production in Iran and the Arab countries in the region last month was 6.7 million barrels less than during the period before the Middle East war.