mniraq - Germany's Commerzbank published a report today (Friday, September 11) on oil price expectations, confirming that prices will continue to rise in the coming days due to rapidly unfolding events in the Middle East.
According to the report, oil barrel prices, which have exceeded $110, will rise further in the coming hours and days as a result of the targeting of the main Saudi oil pipeline carrying oil to Red Sea ports.
The bank also confirmed that high demand for dollars to purchase oil at rising prices has led to a "strengthening of the US dollar" in the near term.
It is worth noting that Saudi Arabia's main East-West oil pipeline, used by Saudi Aramco to transport oil to the Red Sea and bypass the closure of the Strait of Hormuz, was hit by an unknown strike, according to Reuters.
