🔶 Oil prices on the verge of $100

Escalating tensions in the Middle East pushed oil prices up by more than one percent. Brent oil rose on Wednesday, 18 Shahrivar (September 9) to $99.67, and the price of U.S. oil also inched closer to the $95 mark.

The price increase came after reciprocal attacks by Iran and the United States and Tehran’s threat against oil tankers near Kuwait and Bahrain.

The closure of the Strait of Hormuz has also heightened concerns about disruptions to global energy supply.

Rising oil prices have intensified inflationary pressure and increased the likelihood of higher interest rates in Europe and the United States. This situation has also put pressure on stock markets.