Oil markets remain volatile following renewed tensions in the Middle East. Brent crude futures climbed to $103.30 per barrel, while U.S. West Texas Intermediate dropped 1.5 percent to $97.21.
This instability stems from recent attacks on Gulf export facilities and President Donald Trump’s demand for international security in the Strait of Hormuz. Operations resumed at the United Arab Emirates port of Fujairah after a drone strike caused a fire.
The International Energy Agency warns of the largest historical supply disruption, citing production cuts from Saudi Arabia, Iraq, and the UAE. Investors fear prolonged conflict could deplete global inventories further.
U.S. Energy Secretary Chris Wright predicts an end to the war within weeks. Meanwhile, the IEA plans to release 400 million barrels of strategic reserves to combat price spikes.