Oil prices have continued to rise due to ongoing tensions in the Middle East. According to Ming Pao, Brent crude in London closed at $103.14 per barrel last Friday, marking a 2.67% increase and reaching a three-year high. This was the second consecutive day it closed above $100. Meanwhile, New York crude futures closed at $98.71 per barrel, up 3.1%, reaching levels not seen since July 2022.
The conflict in Iran shows no signs of resolution, contrasting with traders' earlier expectations of a brief blockade of the Strait of Hormuz. Since the onset of the conflict, oil prices have surged by 40%. The market is increasingly concerned about the rapid depletion of tools to suppress oil prices and fears a prolonged supply disruption.