A barrel of Brent oil is trading at $92.84 on international futures markets. The forward barrel price of Brent oil, which rose to $91.99 yesterday, ended the day at $91.01.
The barrel price of Brent oil rose about 2.01 percent compared to today's close at 9:42 a.m. to reach $92.84. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was sold for $86.02.
Fears that ongoing mutual attacks between the US and Iran could lead to further interruptions in global oil supplies had a positive effect on the price increase.
The US Central Command (CENTCOM) announced this in a statement on the US-based company's social media platform
The Iranian army statement reported that in retaliation for the US attacks on Iranian territory, an attack with unmanned aerial vehicles (UAVs) was carried out on ammunition depots and logistics equipment of the US Land Forces Command at the Ed-Doha military base in western Kuwait.
As mutual attacks between the US and Iran continued, oil tankers changed their route in the Red Sea following warnings from the Iran-backed Houthis in Yemen as part of the naval blockade against Saudi Arabia, increasing concerns about a disruption in the flow of oil and supporting the rise in prices.
News published yesterday by the Houthis-affiliated news agency SABA reported that six ships changed their route and returned in the last 24 hours after warnings were issued as part of the naval blockade imposed on Saudi Arabia.
In his statement on Monday, Houthis military spokesman Yahya Seri accused Saudi Arabia of blockading Yemen for nearly 12 years and said they would respond with a “counter-blockade.”
On the other hand, the American Petroleum Institute announced that US commercial crude oil inventories increased by 2 million 603 thousand barrels last week compared to the previous week. The market expected inventories to fall by 1 million 500 thousand barrels.
The US Energy Information Administration is expected to release official inventory data later today.
It is stated that technically, $94.41 can be considered as resistance and $88.59 as support zone for Brent oil.
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