Brent crude oil prices exceeded 98 dollars and affected markets
Growing geopolitical tensions and threats to energy infrastructure in global markets have driven up energy costs.
As conflicts in the Middle East prolonged and concerns over supply disruptions grew, the per-barrel price of Brent crude exceeded $100 to rise to $100.83, while markets followed a volatile course.
Rise in Oil Prices
The prolongation of conflicts in the Middle East and the targeting of energy infrastructure reinforced concerns that larger disruptions in global oil supply could occur, pushing prices above $100.
The November futures contract for Brent crude rose by up to 2.97 percent yesterday to reach $100.83, maintaining expectations for a high risk premium in the markets.
WTI Crude Oil Levels
While the October futures per-barrel price for West Texas Intermediate crude was determined at $94.85, anxiety in the energy markets persists.
Analysts continue to closely monitor specific technical resistance and support levels for oil.
Activity in Gold Prices
Amid the effects of a weakening dollar index and geopolitical developments, activity was observed in gold prices, with both ounce gold and gram gold finding buyers in the markets.
General volatility in the markets kept investors' search for safe havens and their interest in precious metals alive.