Oil touches $100 per barrel, with 7.5% of global supplies affected
Oil prices rose today, Thursday, to reach the level of $100 per barrel, just 24 hours after the International Energy Agency announced the withdrawal of 400 million barrels from The strategic petroleum reserve of the Group of Seven countries.
The International Energy Agency said in a report on Thursday that the war in Iran "It is now causing the largest supply disruption in the history of the global oil market"indicating that 7.5% of global supplies have currently been affected.
Brent crude futures, the international standard, rose more than 7% to trade at about $99 after briefly exceeding $100 a barrel overnight. US West Texas Intermediate crude also rose by about 9% to trade above $95.
Oil tankers and other ships were attacked in The Strait of Hormuz and around it throughout Wednesday and Thursday, bringing the number of ships attacked since the start of the war to at least 16.
Iran has intensified its targeting of ports and other key infrastructure across the region, even as explosions at its fuel depots have caused Tehran’s skies to be covered in black clouds of oil-saturated air.
As the market turmoil continues, the commodities division of the bank raised "Goldman Sachs" His predictions Oil prices on Wednesday night for the third time since the start of the war in Iran.
The bank now expects Brent and West Texas Intermediate crude prices in the fourth quarter of the year to reach $76 and $72 per barrel, respectively, assuming the disruption continues for 30 days, and to $93 and $89 per barrel, respectively, assuming the disruption continues for 60 days.
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