Oil price exceeded $111 on supply concerns

The December term barrel price of Brent oil, which rose to $111.32 yesterday, completed the day at $108.82. The barrel price of Brent oil increased by approximately 2.4 percent compared to the closing date at 09.14 today, reaching 111.48 dollars.

At the same time, the December term barrel price of West Texas Intermediate (WTI) crude oil was 99.23 dollars.

The rise in oil prices is influenced by allegations that the USA and Israel are planning new attacks against Iran after the midterm elections in the USA, and attacks on the facilities of Saudi Arabia's national oil company Aramco and on ships transferring oil in the Persian Gulf.

While officials stated that US President Donald Trump may decide to launch an attack this month, an official claimed that Trump kept all options on the table to "prevent Iran from obtaining nuclear weapons."

Although some officials claimed that refineries and oil infrastructure would not be targeted in possible attacks in order to prevent further increases in gasoline prices, these claims increased supply concerns in the markets and supported prices upwards.

However, attacks targeting Saudi Arabia's energy infrastructure also put upward pressure on oil prices.

Saudi Arabia's Ministry of Energy announced that 2 people died and 2 people were injured in the attack targeting the Shaiba Oil Field in the southeast of the country.

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