Upward trend in Brent oil prices
The barrel price of Brent oil has started to rise due to developments in the Middle East and concerns over supply disruptions.
While the November futures price of Brent oil increased by 1.7 percent to $102.08 per barrel, concerns regarding supply disruptions in the Middle East and route issues in Saudi Arabia played a role in this rise.
Current Oil Prices
Having climbed up to $104.90 yesterday, the futures price of a barrel of Brent oil finished the day at $100.34. As of 09:33 today, the November futures price of Brent oil increased by 1.7 percent compared to the close, reaching $102.08. At the same time, the November futures price of West Texas Intermediate crude was recorded at $93.70.
Supply Disruptions and Regional Concerns
The rise in oil prices was driven by problems experienced in Saudi Arabia's oil export routes and concerns regarding new supply disruptions in the Middle East. The Houthis in Yemen claimed that numerous airstrikes and missile attacks had been carried out against various provinces by Saudi Arabian warplanes over the past twenty-four hours.
Diplomatic Contacts and Limiting Factors
It was reported that US President Donald Trump evaluated the targeting of the Iran-backed Houthis in Yemen by airstrikes over the weekend, but refrained from taking such a step for now. Meanwhile, the prospect of diplomatic contacts between the US and Iran emerged as a factor limiting the increase.
Iranian Foreign Minister Abbas Araghchi stated that he would hold contacts during his visit to New York, USA, where he is attending the UN General Assembly. Araghchi expressed that their most important goal is to defend the rights and interests of the Iranian people on the international podium.
Investment Fund Allegations
It was claimed that the US has proposed investing $5 billion in a new fund to help Middle Eastern countries rebuild energy infrastructures damaged in the war. According to a report by The Wall Street Journal, the proposal has been discussed with various Middle Eastern nations.
Technical Levels
Following these developments in the markets, it is stated that technically $102.13 can be monitored as resistance and $101.55 as the support zone for Brent oil.