Oil prices continued to rise on Thursday, with Brent crude futures crossing $102 per barrel, as investors remained concerned about supply from the Middle East amid rising attacks on shipments in the Gulf and the critical Strait of Hormuz.
Oil prices have been simmering between gains and losses recently as data showed easing oil stocks but tensions persisted between Iran and US with no peace deal in near sight. Threats to oil shipments in the Gulf and the Strait of Hormuz, a critical waterway that carried around 20% of global oil and fuel shipments before the war, have increased in October as the US-Israeli conflict with Iran enters its eighth month.
