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.
