🔻Oil prices in Monday, October 12, continued their upward trend following the intensification of fighting in the Middle East, the expansion of attacks by Yemen’s Houthis on Saudi Arabia, and attacks on oil tankers in the region. These developments have further raised concerns about disruptions to oil supply from the Middle East.

Brent crude rose by 76 cents, equivalent to 0.73%, to $105.48 per barrel. U.S. West Texas Intermediate (WTI) crude also increased by 59 cents, equivalent to 0.64%, to $92.44.

In recent days, attacks on oil tankers have increased in the Strait of Hormuz; attacks that could disrupt the improvement in Middle East crude oil exports in September.

The UK Maritime Trade Operations Center reported that one oil tanker near the port anchorage of Sohar, Oman, was targeted by a drone attack, and another oil tanker was also damaged as it transited the Strait of Hormuz after being hit by an unidentified projectile.

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