Attacks in the Strait of Hormuz and the Gulf push oil prices up
Increasing security threats on shipping routes in the Middle East and attacks on tankers have triggered supply concerns in the markets.
Oil prices rose on Thursday as attacks on maritime transport in the Gulf and the Strait of Hormuz increased and concerns over oil supplies from the Middle East strengthened.
Current Levels in Oil Prices
Brent crude oil futures rose by 1.33% to reach $101.53 per barrel.
WTI, known as US crude, increased by 1.26% to $89.39 along with market activity.
Previous Developments and Supply Decisions
Prices had declined on Wednesday following the International Energy Agency's decision to accelerate the use of oil stocks and prioritize diesel supplies.
Governments are trying to combat record-high fuel prices and potential supply disruptions caused by the ongoing war process.
Latest Attack and Security in the Region
In the latest incident, a tanker navigating north of Qatar was targeted by multiple projectiles, and casualties were reported as a result of the incident.
The United Kingdom Maritime Trade Operations organization officially confirmed that this attack took place, highlighting the risks in the region.
Assessments by Market Experts
ANZ senior commodity strategist Daniel Hynes stated that past attacks reduced shipments, but producers continue to take risks because there are no alternatives.
Changes in US Crude Oil Inventories
According to data released in the US, crude oil inventories experienced a larger-than-expected drop in the week ending October 2.
During the period in question, inventories decreased by 3.2 million barrels, falling to a total of 424.1 million barrels.