Oil Prices Set to End Week Above $100 for First Time in Four Months Amid Rising Shipping Route Attacks

Summary

Oil prices are nearing $100 a barrel, poised to end the week above this mark for the first time in nearly four months, driven by increased attacks on shipping routes in the Red Sea and Strait of Hormuz. The Houthi control of Yemen's Mocha port and threats to tankers are contributing to supply disruption concerns, alongside rising diesel prices in the U.S. and China's continued crude purchases.