Iraq Warns Oil Prices Could Hit Triple Digits Amid Regional Tensions
According to the International Desk of Webangah News Agency, global energy markets are facing instability and rising prices due to military tensions in the region and actions against Iran, which have led to shipping disruptions in the Strait of Hormuz. Brent crude oil prices increased by 7.6 percent, and U.S. crude oil prices rose by 10.4 percent, setting them on track for their highest weekly gain since the week ending July 20.
In this context, Furat Al-Mousavi, head of the Energy Center in Iraq, emphasized that the renewed conflict in the region and the Strait of Hormuz signifies a failure of political pathways and the achievement of a comprehensive solution.
He added that under such circumstances, Brent crude oil prices would be exposed to sharp increases, with the possibility of oil reaching $100 per barrel.
Yesterday, it was reported that oil prices had reached $95.
