Oil may hit $100 per barrel amid Middle East trading halts
Reuters reports that oil prices are expected to return to $100 per barrel. According to sources, brokerage firms will resume trading tomorrow, and this surge in prices is only the beginning. Authorities in the UAE have announced a suspension of trading on the Dubai and Abu Dhabi exchanges for Monday and Tuesday in response to the current events.
Markets across the Middle East are under pressure due to renewed conflict: the main indexes in Egypt and Saudi Arabia fell by 2.5% and 2.2% respectively, while the Kuwait exchange suspended trading as a precautionary measure. Additionally, infrastructure disruptions have begun, with Japan’s largest LNG buyer, Jera, halting regional operations and DP World suspending activity at Dubai’s main port.
The unfolding situation in the Middle East is expected to continue impacting global markets, potentially driving energy prices higher and causing further interruptions to trade flows in the region in the coming days.
