Oil tops $100 a barrel again, reaching highest level since May
Photo: Analysts believe this isn't the limit yet (Getty Images)
On Friday, September 11, oil prices rose again and are likely to close the week above $100 per barrel for the first time since mid-May, according to Reuters.
As of this morning, Brent crude futures rose by $1.05 (1%) to $108.68 per barrel.
Meanwhile, US West Texas Intermediate (WTI) crude rose by 95 cents (also 1%) to $103.45 per barrel.
Both benchmarks rose by more than 6% on Thursday, September 10. Over the week, the main indices rose by nearly 13%—the sharpest increase since the week ending July 17.
What influenced prices
Yesterday, Thursday, Iran-backed Houthis took control of the Yemeni port of Mocha, posing an additional threat to shipping in the Red Sea.
Moreover, this occurred at a time when shipping through the Strait of Hormuz remains restricted due to the recent spate of attacks on tankers in the region.
Analysts say that attacks from Yemen on Saudi Arabia's energy facilities have marked an escalation of the conflict beyond Iran and the Strait of Hormuz and have raised concerns about prolonged disruptions in the region as a whole.
In addition, on Wednesday, Iran attacked 10 vessels near the strait after the US struck five Iranian oil tankers. The IRGC stated that it would intensify its retaliatory actions in the event of any further attacks.
What else important to know
Today, US President Donald Trump stated that he did not regret starting the war with Iran. According to him, if he had to do it all over again, he would do the same.
According to a WSJ report, members of Trump's team believe that the war with Iran could last until the end of his presidential term.
