Oil holds above $100 as Red Sea attacks and Kazakhstan outage tighten supplies
Global oil prices have surged past $100 per barrel due to geopolitical tensions in the Red Sea and supply disruptions in Kazakhstan. The market is reacting to potential threats to critical shipping routes and production outages.
Why it matters
Rising oil prices have significant implications for global inflation, transportation costs, and international geopolitical stability.
Just weeks after crude prices had fallen on hopes that the Middle East was easing, oil has staged a sharp comeback. Fresh attacks on Saudi oil tankers in the Red Sea and a disruption to Kazakhstan's exports have revived fears over global supplies, sending prices beyond the $100-a-barrel mark.On Friday, Brent crude futures fell 63 cents, or 0.63%, to $100.1 a barrel, while US West Texas Intermediate (WTI) crude slipped 69 cents, or 0.75%, to $91.50 a barrel. Despite the decline, Brent remained on track for a 13.5% weekly gain, while WTI was set to rise 10.9%.In the previous session, Brent settled 7% higher and WTI gained 6.2%.
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