KABUL: The price of crude oil has risen to $108 a barrel in global markets amid escalating tensions in the Middle East and fresh attacks on Saudi Arabia and vessels in the Gulf.
Meanwhile, Saudi Arabia has temporarily shut down its major East-West oil pipeline, an important route for transporting the country’s crude.
The suspension of operations along the key oil transportation route has heightened concerns over global supply and raised fears that oil prices could climb further.
The Middle East is one of the world’s major energy hubs, and any military escalation or disruption to key oil transportation routes in the region could have a direct impact on global supplies and prices.