Oil recently hit its highest point in five months as Israel gears up for possible retaliatory actions from Iran following its attack on the Iranian embassy in Syria.
The global benchmark, Brent crude, experienced a 0.6 percent increase in early trading, surpassing $91 per barrel – a peak not seen since October. The US-produced West Texas Intermediate also saw a rise of 0.5 percent, exceeding $87.
So far this year, crude oil has escalated by 18 percent, influenced by geopolitical tensions in the Middle East and Ukraine, alongside supply cuts by the OPEC cartel and its allies aimed at boosting prices.
In anticipation of potential reprisal from Tehran, Israel has heightened its preparedness following its recent strike on an Iranian diplomatic facility in Syria, raising concerns about an escalation into a broader regional conflict.
The ongoing strife between Israel and Hamas has prompted Houthi attacks on maritime traffic in the Red Sea, leading to increased transportation costs.
