Oil Prices Surge Amid Ongoing Middle East Tensions

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.