The Strait of Instability: Oil Prices Soar Amid Middle East Tensions The recent spike in oil prices has left many to wonder if the global energy market is witnessing a new normal.
As conflict in the Middle East continues, pressure on oil supplies grows. Brent crude futures have pushed back above $108. 50 per barrel, while US benchmark WTI crude exceeds $104. 50.
The most pressing concern lies with Saudi Arabia's critical infrastructure, particularly the East West pipeline that carries 7 million barrels of oil daily to the Red Sea port of Yanbu.