Crude oil prices have surged over 8% this week due to escalating geopolitical tensions in the Middle East, particularly concerns over potential U.S. actions against Iranian oil facilities.
The ongoing conflict raises fears of disruptions to global oil supply, especially if the crucial Strait of Hormuz, a vital artery for oil flows, becomes involved in open conflict.
Despite a stronger U.S. dollar typically exerting downward pressure on oil prices, current geopolitical tensions seem to be the predominant force driving oil price movements.
In the medium term, escalating tensions in the Middle East could push oil prices beyond $100 per barrel, reflecting the market's risk perception regarding supply disruptions.
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