A barrel of Brent oil is traded at $101.49 in international futures markets.
The forward barrel price of Brent oil, which rose to $101.32 yesterday, completed the day at $100.58. The November term barrel price of Brent oil increased by 0.9 percent compared to the closing date at 09.30 today, reaching 101.49 dollars.
At the same time, the barrel price of West Texas Intermediate (WTI) crude oil for November delivery was determined as 90.07 dollars.
The partial rise in oil prices is due to concerns that the storm moving towards the US oil production regions may cause a supply disruption and the attacks of the Iran-backed Houthis against Saudi Arabia.
US weather forecasters reported that the storm, which formed in the Gulf of Mexico on Tuesday and moved rapidly towards the states of Louisiana and Mississippi, is expected to turn into the first hurricane of this year’s Atlantic hurricane season within two days.
The US National Hurricane Center (NHC) announced that it is expected to reach tropical storm strength early today.
According to international news sources, offshore fields in the Gulf of Mexico, located on the path of the storm, provide 15 percent of the United States’ crude oil production and 5 percent of its natural gas production.
It is predicted that 6 refineries operated by Shell, Valero Energy, Marathon, PBF Energy and Chevron may be affected in the region where the storm is expected to make landfall.
Refineries located in the US states along the Gulf of Mexico constitute approximately 50 percent of the country’s total refining capacity of 18.2 million barrels per day.
It is estimated that the storm will pass through offshore areas where oil and natural gas production facilities are located and coastal areas where large refineries are located. It is estimated that if the energy infrastructure is affected by the storm, the supply in the markets may become tighter, and gasoline and diesel prices, which are already high due to the US and Israel’s war with Iran, may increase further.
– Houthis’ attacks on Saudi Arabia raise supply concerns
In addition, clashes between the Iranian-backed Houthis and government forces in Yemen have intensified in recent days, especially around Taiz and Babulmandeb. While government forces launch the “Yemen Dawn” operation against the Houthis’ advance, the Arab Coalition led by Saudi Arabia provides air support to the operation.
The coalition reported that the ballistic missile launched by the Houthis against Khamis Mushait in the south of Saudi Arabia yesterday was intercepted and destroyed.
Arab Coalition Spokesperson Brigadier General Turki al-Maliki, in his statement on the social media platform of the US-based company X, said, “The ballistic missile launched by the Houthi militias towards Khamis Mushait was intercepted and destroyed.” While using his statement, he did not share any other details about the incident.
Saudi Arabian Civil Aviation Authority also announced that 3 people were injured and damage was caused in the attacks targeting Najran and Jizan airports in the southwest of the country on Monday evening.
On the same day, the Houthis announced that they carried out 3 attacks targeting some points in Saudi Arabia, including Najran and Jizan, using ballistic and cruise missiles and unmanned aerial vehicles. Houthis’ military spokesman Yahya Seri, in his statement on the social media platform of US-based company X, called on international airline companies using Saudi Arabian airspace to stop their flights.
On the other hand, according to American Petroleum Institute data, US commercial crude oil stocks decreased by approximately 2 million 90 thousand barrels last week. The decline in stocks in the world’s largest oil-consuming country supported the rise in oil prices by increasing concerns about the supply squeeze in the market.
Official US oil stock data will be announced today by the Energy Information Administration.
It is stated that technically the level of $ 103.91 in Brent oil can be watched as resistance and the level of $ 93.72 can be watched as support zone.
