Center East Struggle Retains Brent Close to $100 As Provide Disruption Fears Persist

The ongoing conflict in the Middle East is keeping pressure on global oil markets, with Brent crude trading just below $100 a barrel as investors assess the potential impact of fighting on crude supplies….

Brent crude fell 0.75 per cent to $99.57 a barrel in Asian trading, while US West Texas Intermediate dropped 1.2 per cent to $88.37

The price movement comes amid intensifying fighting in Yemen, including reported attacks on Saudi Arabia’s Jazan and Najran airports and a series of Saudi-led air strikes on Houthi weapons facilities in Sanaa.

The developments have heightened concerns about the security

The developments have heightened concerns about the security of oil-producing infrastructure and key shipping routes in the region.

The internationally recognised Yemeni government also said its forces had recaptured the strategic port city of Mocha and launched a counteroffensive against Houthi positions near the Bab al-Mandeb Strait.

The Bab al-Mandeb is a critical maritime chokepoint connecting the Red Sea with the Gulf of Aden, making renewed fighting in Yemen a potential risk to global energy and shipping flows.

For oil-importing and oil-producing economies, prolonged disruption

For oil-importing and oil-producing economies, prolonged disruption in the region could have significant consequences for energy prices, freight costs and inflation.

For Nigeria, higher crude prices could potentially strengthen government oil revenues if production and exports remain stable, although any disruption to global shipping and wider geopolitical uncertainty could also raise costs across the economy.

Source: www.tvcnews.tv