Oil Price Surge: A New Normal in the Gulf? The latest round of attacks on Saudi Arabia's oil infrastructure has pushed Brent crude to within $108 per barrel, a level not seen since 2014.
The spike is just one manifestation of a broader trend: increasing volatility in global oil markets due to tensions in the Gulf. For years, the Middle East has been a flashpoint for oil related conflicts.
However, the current situation feels different. Tensions between Iran and the US are escalating against a backdrop of rising production costs and dwindling spare capacity.