Oil prices have risen in the international market due to the increasing conflict in the Middle East and the decline in crude oil inventories in the United States.
The price of crude oil in the global market increased by more than a dollar per barrel on Wednesday (October 21).
According to a report by the news agency Reuters, the price of Brent crude in the international market rose 1.5 percent to $110.38 per barrel on the same day. At the same time, the price of West Texas Intermediate (WTI) crude in the US market rose 1.4 percent to $99.18 per barrel.
Subhro Sarkar, head of energy research at market research firm DBS, said the price increase was due to the uncertainty surrounding hopes for a peace deal brokered by Qatar or Pakistan and the news that US oil inventories had fallen, according to data from the American Petroleum Institute (API).
Iran made it clear in a meeting with the Pakistani army chief in Tehran that there will be no talks with Washington until its conditions are met. According to maritime security firm Kepler, there have been at least 18 attacks on ships in the past two weeks, and Iran is targeting oil tankers in the Gulf of Oman, beyond the strategically important waterway.
Yemen's Houthi rebels have attacked Saudi Aramco's Yanbu facility, Shaybah oil field, and Riyadh and Abha airports in Saudi Arabia. The death toll from Houthi attacks on Yemeni government forces has risen to 73. The US Department of Energy has said it will work with international refineries to address the global energy crisis and rising diesel prices.
