New abnormal: Oil prices climb as Middle East tensions rise
USO•Oil prices have hovered around a five-month high of $110 a barrel as investors weigh renewed Middle East tensions, even as Middle East crude exports have rebounded above pre-war levels.
1. Oil and regional tensions
Oil prices have hovered around $110 a barrel in recent days as investors brace for renewed violence in the Middle East. Fresh Houthi attacks in Saudi Arabia and reports of plans for renewed strikes on Iran have put markets on edge. Saudi Aramco evacuated staff from its Dhahran headquarters, likely as a precaution. Middle East crude exports have rebounded above pre-war levels, but prices continue to climb as investors question whether those flows can be sustained if the conflict intensifies.
