Brent hits $108.68, WTI $103.45 amid Middle East tensions
Business
Oil just got a lot pricier: Brent crude is now at $108.68 per barrel and US WTI at $103.45, marking their biggest weekly gains since July.
The main reason? Rising tensions in the Middle East are shaking up global markets and pushing prices over $100 for the first time since May.
Mocha and Hormuz unrest disrupt shipments
Attacks and unrest around key ports like Yemen's Mocha and the Strait of Hormuz are making it harder to move oil, raising fears of lasting supply problems.
OPEC's production dropped by 640,000 barrels a day in August, and it has cut its demand growth forecast for 2026.
Meanwhile, if China continues to buy, it could make shortages even worse and keep prices climbing.