Brent crude oil rises to $107.52 per barrel amid supply concerns
Concerns over oil infrastructure in Saudi Arabia and uncertainty surrounding US-Iran negotiations have driven Brent crude higher.
The price of a barrel of Brent crude rose to $107.52, driven by attacks on oil infrastructure in Saudi Arabia and diminishing expectations for the resumption of negotiations between the US and Iran.
Increase in Brent Crude Prices
In international markets, November futures for Brent crude increased by 1.7% to reach $107.52 per barrel.
At the same time, October futures for West Texas Intermediate (WTI) crude traded at $103.18 per barrel.
Negotiations Between the US and Iran
Mohsen Rezaee, Secretary-General of Iran's Supreme National Security Council, stated that no talks would be held unless their conditions are met.
Iranian officials are demanding that Washington lift the blockade and release frozen assets.
Supply Concerns in Saudi Arabia
Concerns regarding oil supply in Saudi Arabia ranked among the primary developments supporting the price increase in the markets.
Situations concerning the Yanbu Port and pipelines in the Red Sea heightened anxieties that exports could be disrupted.
Expectations for the Fed's Interest Rate Decision
Expectations regarding the monetary policy of the US Federal Reserve were among the factors limiting the rise in oil prices.
It is assessed that a strengthening dollar index and potential interest rate hikes could slow down economic activity and reduce demand.