Oil hits $108 ahead of Iran’s meeting with Gulf states

Oil prices have surged to $108 per barrel as tensions rise ahead of an important meeting between Iran and Gulf states. This meeting is critical as regional countries are pinning hopes on a temporary shipping agreement between Iran and Oman to potentially reopen the Strait of Hormuz, a vital global shipping route. The reopening of the strait is crucial to maintaining global oil supply stability, as any disruption could have far-reaching economic impacts. This development underscores the interconnectedness of global energy markets and geopolitical stability.