Rapid increase in Brent crude prices: The $100 threshold is closely monitored
The barrel price of Brent crude reached $99.67, hitting its highest level in about 7 weeks. This rise in global markets has also brought domestic fuel prices to the agenda.
The barrel price of Brent crude tested $99.67 under the influence of supply concerns in the Middle East, reaching its highest level in nearly the last 7 weeks. Following these developments, domestic gasoline and diesel prices have begun to be monitored closely.
Seven-Week Peak in Oil
The barrel price of Brent crude tested $99.67 in initial trades, coming very close to the psychological $100 level. Having last traded above $100 on July 24, oil thus climbed to its highest levels in approximately 7 weeks.
Having closed July with a 24 percent increase at $91, oil prices had dropped to $90.68 with a limited decline at the end of August. With the first week of September left behind, the monthly increase rate in oil has already exceeded 9.5 percent.
Supply Concerns in the Middle East
The US-Iran tension in the Middle East, ongoing since March, continues to be the main reason for the fluctuation in oil prices. Military operations, which had halted for about a month, have flared up again over the past 1.5 weeks.
In response to an attempted missile attack on a warship in the Gulf, US forces destroyed 5 crude oil tankers near Iran's oil export hub, Kharg Island, escalating supply concerns.
Market Analyses and Resistance Levels
In evaluations made by Trive Investment, a warning was issued that if limited military attacks turn into comprehensive operations targeting strategic energy facilities, first the psychological $100 threshold and then the descending trend resistance at the 109.50 level could be tested.
Diplomacy Possibility and Support Points
It is stated that diplomatic signals from the parties, accompanied by mediators' efforts to reduce tension, could instill hope in the market. In this scenario, it is stated that support points at $84.75 and $74.00 levels could become targets.
Fuel Prices in the Domestic Market
Following the recent rises in oil, eyes have turned to domestic fuel prices. Following the price increases that took place on Friday, the price of a liter of gasoline on the European side of Istanbul rose to 76.92 TL, and a liter of diesel rose to 88.88 TL.