FX.co ★ Crude Oil Hits One-Month High on Supply Concerns

Crude oil prices climbed to nearly $104 per barrel on Monday, hitting their highest level in over a month after a 10% surge last week, as escalating tensions in the Middle East renewed fears of supply disruptions. A senior Iranian security official said on Sunday that Tehran has prepared a new response plan should US-Israeli attacks resume, while maritime authorities reported multiple separate attacks on commercial vessels around the Arabian Peninsula. On Friday, Saudi Arabia intercepted several missiles over the Red Sea, including one aimed at the Yanbu oil export terminal. Iran-aligned Houthi militants in Yemen also carried out repeated attacks on Saudi targets last week. Reflecting the growing strain on regional supply routes, the seven-day moving average of oil flows through the Strait of Hormuz dropped to just 8.5 million barrels per day, down from an estimated 20 million barrels per day the previous week.