The price of Brent crude oil futures increased by almost 6% during overnight trading, reaching $109.97 per barrel, the highest level in the last four months.
Sharp rise in oil prices recorded
According to AFP, on Friday, crude oil prices jumped by more than 30% in the last week following the exchange of attacks between the United States and Iran in the Strait of Hormuz area.
Concurrently, Yemeni armed forces, advancing towards the key waterway of Bab el-Mandeb, struck several energy facilities in Saudi Arabia in response to the blockade and attacks from Riyadh.
The Yemeni army took control of the strategically important port of Mocha on the Red Sea on Thursday. According to AFP, on Friday, the price of Brent crude approached $110 per barrel, the highest figure since May. Furthermore, the price of the benchmark American oil (West Texas Intermediate) exceeded $104, which was observed during the same period in May.
Given that the war shows no signs of ending, investors are preparing for a new wave of inflation. This situation will put pressure on central banks, forcing them to further tighten monetary policy.