Oil prices soar above $100 due to Middle East conflict

In recent weeks, geopolitical tensions in the Middle East have caused oil prices to remain above $100 per barrel. The blockade in the region and disturbances near the Ormuz coast have led to a significant drop in oil production, raising concerns about supply stability. Brent crude oil prices reached $107.63, while U.S. WTI ended at $102.48, both reflecting a surge due to the ongoing conflict.