π₯ Oil prices hit $100+ amid Middle East tensions β½
Oil prices climbed above $100 a barrel for the first time in four months due to growing supply fears in the Middle East. Brent crude traded at $107.70 per barrel, while WTI stood at $102.50 at around 7:30 am IST. Both benchmarks surged over 6% on Thursday, leading to nearly 13% weekly gains. Tensions rose as Houthis took control of Mocha and Strait of Hormuz traffic remains restricted. The market's future hinges on China's continued crude imports and OPEC's revised demand forecast.