Oil prices hit a high
Photo - M.A.N.
Oil prices rose sharply on Friday after authorities in the Kurdistan Region of Iraq announced a halt to production at a field operated by an American company due to a "terrorist attack," while traffic in the Strait of Hormuz remains suspended.
Agence France-Presse quoted a security source as saying that two drones targeted an oil field belonging to HK Energy in the Sarsink area within the borders of Dohuk Province yesterday evening.
At approximately 12:25 p.m. GMT, the price of a barrel of North Sea Brent crude for May delivery reached $88.86, a 4.04% increase, marking its highest level since April 2024.
The price of a barrel of West Texas Intermediate crude for April delivery reached $85.48, up 5.52 percent.
Since the start of the war in the Middle East, several oil facilities have been targeted, while the closure of the Strait of Hormuz—through which about 20 percent of global oil production passes—has caused a supply crisis in global markets.
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