German Report: Oil Prices Will Continue to Rise After the Attack on the Saudi Pipeline

mesoiraq - Germany's Commerzbank published a report on oil price expectations on Friday, confirming that prices will continue to rise in the coming days as a result of the 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 Saudi Arabia's main oil pipeline that transports crude to the Red Sea ports.

The bank also confirmed that high demand for the dollar to purchase oil at rising prices has led to "an increase in the strength 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 subjected to an unidentified strike, according to international news agencies.