Prices in international oil markets rose due to concerns that developments in the Middle East could disrupt global supply. The barrel price of Brent oil increased by 1.5 percent to $110.40 as of today. US West Texas Intermediate (WTI) crude oil was traded at $99.27 per barrel, with an increase of 1.5 percent. Oil prices had fallen on the previous trading day when the possibility of diplomatic contact between the USA and Iran came to the fore. However, security threats to ship traffic in the region caused prices to rise again.
ATTACKED ON 18 SHIPS IN TWO WEEKS
According to data from ship tracking company Kpler, attacks on at least 18 ships have been reported in the last two weeks. LSEG analysts stated that attacks targeting tankers threaten maritime traffic in the Gulf of Oman as well as the Strait of Hormuz. Risks in the region affect oil loadings and oil transfers between ships. Iran’s Revolutionary Guard announced that two oil tankers hit a mine and caught fire in the south of the Strait of Hormuz on Tuesday.. The Strait of Hormuz is a critical transit point for transporting oil from the Middle East to world markets. Disruption of ship traffic in the region may cause delays in oil shipments and increase transportation costs.
OIL FACILITIES IN SAUDI ARABIA ARE ALSO ON THE AGENDA
Houthis in Yemen claimed that they targeted Aramco’s Yanbu facility, Shaybah oil field and Riyadh and Abha airports in Saudi Arabia on Monday. Statements regarding the attacks have not been fully verified by independent sources. However, threats to the oil production and export infrastructure in Saudi Arabia are closely monitored in energy markets. Saudi Arabia is among the world’s leading oil producers. Damage to production sites or export routes could affect the amount of oil available to international markets.
OIL STOCKS DECREASED BY 4.9 MILLION BARRELS IN THE USA
Another development that affected oil prices was stock data in the USA. US commercial crude oil inventories decreased by 4.9 million barrels in the week ending October 16, according to market sources based on American Petroleum Institute (API) data.. US Department of Energy officials are also negotiating with international refineries to increase diesel fuel supply. The congestion in diesel supply is among the factors that increase fuel prices.
RUSSIAN OIL PRODUCTS ARE COMING TO Türkiye AGAIN
Shipments to Türkiye resumed after Russia lifted its diesel export ban on October 9. According to Reuters, based on ship tracking data, the tanker named Dolunay, which left Russia’s Primorsk port on October 14, moved towards Alanya with its diesel cargo. It was reported that the tanker was carrying approximately 300 thousand barrels of diesel.. Russia’s re-increase in diesel exports is among the developments aimed at easing the supply squeeze in international markets. However, diesel prices remain at high levels in Europe.
THE PROBLEMS IN DIESEL SUPPLY CONTINUES
The International Energy Agency (IEA) expects global oil demand to decrease by 2.6 million barrels per day in 2026. Despite this, there is a supply shortage in the refined fuel market, especially diesel. According to the IEA’s assessment in October, the conflict in the Middle East as well as the impact of Ukrainian attacks on Russian refineries on production and stocks play a role in the rise in diesel prices.. The course of oil prices varies depending on developments in the Middle East, as well as US stock data, tanker transportation and the production amount of refineries.
