Oil prices rise above 100 USD
Oil prices have risen above 100 USD per barrel, driven by continued tensions in the Middle East and the ongoing closure of the Strait of Hormuz. Markets are also awaiting potential new negotiations between the United States and Iran.
A barrel of Brent crude rose by more than 1 per cent to 102.84 USD, while US WTI crude gained a similar margin to nearly 94 USD. Prices have now increased for three consecutive days, with Brent climbing by almost 7 USD since the start of the week.
Analysts warn that the longer oil shipments remain disrupted through the Strait of Hormuz, the greater the upward pressure on prices. Iran has kept the strategic passage closed following the US-Israeli attack on the country, tightening global supply and fuelling uncertainty.
Belgium responds with targeted energy measures
In response, yesterday the Belgian federal government agreed on a temporary 80 million EUR support package to help cushion the impact of rising energy costs. The measures, spread over the coming months, focus on supporting vulnerable households with heating expenses and easing commuting costs through incentives such as higher mileage allowances. The government has also delayed a planned increase in energy duties, as it seeks to limit the economic fallout from sustained high oil prices.
© PHOTO ARIS OIKONOMOU / HANS LUCAS VIA AFP
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