Brent oil is traded at $111.22 a barrel

The January term barrel price of Brent oil, which rose to $111.91 yesterday, finished the day at $109.41. The barrel price of Brent oil increased by approximately 1.6 percent compared to the closing time at 09.00 today, reaching 111.22 dollars.

At the same minutes, the December term barrel price of West Texas Intermediate (WTI) crude oil was 101.56 dollars.

The rise in oil prices is driven by concerns that the Iran-backed Houthis in Yemen's resumption of attacks against Saudi Arabia may disrupt diplomatic efforts to reduce tensions in the Middle East and negatively affect the oil supply in the region.

At the meeting held between the delegations of Türkiye, Saudi Arabia, Pakistan and Iran in Tehran, the capital of Iran, on Monday, regional security, Israel's activities in the region and developments in Palestine and Lebanon were discussed.

In the final declaration published after the meeting, it was stated that it was agreed to continue the negotiations in order to strengthen the cooperation between the 4 countries, including ensuring peace and security in the region.

These diplomatic initiatives supported the downward movement of oil prices by alleviating market players' concerns about supply disruptions in the region. However, the Iranian-backed Houthis in Yemen announced yesterday that they targeted the Ras Tanura Oil Refinery in the Sharqiyya region in eastern Saudi Arabia, again increasing concerns about the security of the energy infrastructure in the region and turning the prices upwards.

Houthi Military Spokesperson Yahya Seri, in his statement on his social media account, stated that they targeted the Ras Tanura Oil Refinery with a ballistic missile and that the attack was accurate.

Seri stated that as a result of the attack, large-scale fires broke out in the region.

Source: TRT Haber Ekonomi RSS (Open Press / Translated Full Text)