Gulf Crisis Sends Oil Near $115
Brent crude oil prices climbed above $110 per barrel as escalating Middle East tensions and attacks on oil tankers heightened … Read More The post Gulf Crisis Sends Oil Near $115 appeared first on ProPakistani .
Oil prices soared past $110 per barrel on October 14 as mounting Middle East tensions and attacks on oil tankers spurred anxieties about worldwide energy supplies. Brent crude topped $111.80, marking a 2.78 percent increase, while US West Texas Intermediate climbed to $99.41, up 2.33 percent. This price jump signals growing uncertainty over oil shipments through the Strait of Hormuz, a vital global trade route.
Iran has responded to recent tanker strikes by hitting back around the Strait of Hormuz, threatening vessels that breach its restrictions and warning any new US attack would be met with retaliation against American bases and allies. Reuters noted on the same day that two ships were sunk near the waterway after being hit by projectiles in separate incidents, highlighting the escalating threat to maritime traffic.
Meanwhile, Yemen has stepped up attacks on US-Saudi assets in the region, exacerbating risks at a second key chokepoint, the Bab el-Mandeb Strait, which links the Red Sea to the Gulf of Aden.
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