Oil: Towards a New Surge in Prices Worldwide?

Oil prices continue to rise due to tensions in the Middle East and disruptions in global supply. The Brent crude oil price exceeded $100 in mid-September, up from about $65 before the conflict between the US, Israel, and Iran in February. Reduced traffic through the Strait of Hormuz and attacks on oil infrastructure in Saudi Arabia and Russia are driving prices higher, despite countries drawing down their strategic reserves.