business ๐ฅ Oil prices hit four-month high due to war risks
Crude oil prices have surged to levels not seen since May as the conflict in the Gulf escalates. Brent crude is currently trading at $107.86 per barrel, while West Texas Intermediate stands at $102.28 per barrel. Benchmarks have increased by about 13% from last week, marking the sharpest weekly gain since mid-July. This rise reflects market repricing of the conflict's duration and the growing threat to regional supply, noted by ING analysts. The Houthis taking control of Mokha adds to the tension, possibly pushing WTI to retest the $119.48 mark. ๐