The price of a barrel of oil surged to nearly $100 in Thursday trading, according to The Zioneer, extending the rally reported earlier this morning. The Middle East escalation continues to roil global markets.
Oil prices surged to nearly $100 per barrel in Thursday trading, according to The Zioneer, continuing the morning rally that saw the dollar strengthen to 3.07 shekels and the euro trade at 3.51 shekels. The escalation in the Middle East has driven a sustained increase in energy costs.
The Zioneer reported at 10:46 that oil was nearing $100, and prices have since advanced further. Over the past two weeks, oil has climbed steeply: Brent crude rose above $81 on July 14, reached $85 by mid-July, and spiked to $85 on July 10 as traffic through the Strait of Hormuz nearly halted, according to Bloomberg data cited by The Zioneer.
The rally reflects persistent geopolitical risk premiums as the region remains on high alert. Markets are watching for further developments that could push prices past the $100 threshold.
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