Brent crude exceeds $111 to reach five-month high

Due to escalating tensions in the Middle East, claims that the Houthis in Yemen targeted Saudi Aramco facilities, and potential moves by the US and Israel against Iran, the barrel price of Brent crude exceeded $111, reaching its highest level since May.

Tensions escalating in the Middle East and concerns regarding global energy supply caused volatility in oil prices. Claims by the Houthis in Yemen that they targeted facilities belonging to Saudi Arabia's national oil company, Saudi Aramco, alongside concerns over potential US and Israel attacks against Iran, drove prices upward.

As of 09.20 yesterday, the barrel price of Brent crude rose by about 1 percent compared to the close, reaching $110.63, while trading near $111.6 during the day. The previous day, prices had climbed to $110.70 due to sanctions and tariffs announced by US President Trump against Russia. Meanwhile, the December-delivery barrel price of West Texas Intermediate crude was at the 98.68 level in the early hours of the day. On the gold side, with expectations that the decline in oil prices could ease inflationary pressures, gold per ounce fell to $4,151 at the end of Monday and was priced around $4,115 with a 0.61 percent drop yesterday.