Houthi attacks on Red Sea shipping push oil prices above $100 per barrel

Oil prices are trending toward a weekly increase, driven by Houthi attacks on Red Sea shipping and production cuts from Kazakhstan. These geopolitical tensions have pushed oil prices above $100 per barrel, with projections suggesting crude could reach a new all-time high by December 31, potentially increasing by 20.5%. The market remains volatile as shipping disruptions and supply reductions continue to influence global energy costs and pricing trends across the international crude oil market.