"Oil Prices Surge Amid Supply Disruptions and Rising Middle East Tensions"
Oil prices surged over 3% amid U.S. warnings to Houthi militants against Red Sea attacks and OPEC's commitment to market stability. The rise also followed the shutdown of Libya's Sharara oil field and shipping companies halting Red Sea routes due to security concerns. Despite the volatility, experts suggest the market is currently insensitive to these disruptions due to softer crude fundamentals and inventory builds. OPEC members have pledged to cut production to support prices, but skepticism remains over the group's unity and the effectiveness of these cuts.
