Global oil prices have risen, with Brent crude reaching $107 per barrel for the first time since May. This increase is attributed to concerns over a prolonged disruption in supply due to the conflict with Iran. Prices had previously surpassed the $100 per barrel mark earlier in the week as fighting intensified in the Strait of Hormuz and the Red Sea.

The US and Iran have exchanged attacks, while Iran-backed Houthi forces have targeted Saudi Arabia, escalating tensions in the region. Both Brent crude and US crude oil prices rose over 4% before slightly retreating. Further details on the situation and its impact on oil prices are available from the source.