🔶 Fears of supply disruption pushed oil prices to the highest level

Attacks on key shipping routes in the Middle East increased concerns about a shortage of oil supply and pushed the price up again.

The price of a barrel of Brent crude oil for North Sea deliveries rose by 1% to $108.68. U.S. light crude, “West Texas Intermediate,” was also up 1%, trading at $103.45.

Both benchmarks were on track to record a weekly increase of nearly 13% and, for the first time since mid-May, they crossed the $100-per-barrel mark.

This price increase came after attacks intensified on important shipping routes.

At the same time, the Iran-backed Houthis took control of the strategic port of Mukha in Yemen—a development that represents another threat to the passage of ships in the Red Sea.