Oil prices are nearing the $100 mark due to a combination of supply disruptions and a decrease in global inventories. Market analysts are speculating that crude oil could reach new all-time high prices.
The Financial Times reports that attacks on shipping routes in the Red Sea and the Strait of Hormuz have impacted a significant portion of the global oil supply. These geopolitical tensions in the Middle East continue to drive market volatility.
According to the International Energy Agency (IEA), global oil stocks have seen a sharp drawdown. Between February and July, cumulative stock draws reached 410 million barrels of oil.
