Oil prices rose amid escalating tensions in the Middle East
Oil prices rose on Thursday amid escalating tensions in the Middle East, which fueled concerns over supply disruptions, after Iranian media reported explosions in the southern Iranian region of Sirik on Wednesday. 
Iranian President Masoud Pezeshkian said the US cannot expect dialogue while continuing to impose a blockade on Iran and threaten the country, Reuters reported, citing remarks carried by state media.
At least 18 attacks on ships had occurred in the Strait of Hormuz over the past two weeks, Kpler data showed.
Meanwhile, US Energy Information Administration data showed that US crude inventories fell by 3.06 million barrels to 412.5 million barrels last week, compared with analysts’ expectations for a decline of 820,000 barrels.
Changes in oil futures prices
Crude
Price (US$/barrel)
Change value (US$)
Change (%)
Brent(December futures)
110.78
+1.96
+1.80%
WTI(December futures)
98.60
+1.45
+1.50%
*At 07:43 a.m. Makkah time.
Oil prices rose amid escalating tensions in the Middle East
Oil prices rose on Thursday amid escalating tensions in the Middle East, which fueled concerns over supply disruptions, after Iranian media reported explosions in the southern Iranian region of Sirik on Wednesday.
Iranian President Masoud Pezeshkian said the US cannot expect dialogue while continuing to impose a blockade on Iran and threaten the country, Reuters reported, citing remarks carried by state media.
At least 18 attacks on ships had occurred in the Strait of Hormuz over the past two weeks, Kpler data showed.
Meanwhile, US Energy Information Administration data showed that US crude inventories fell by 3.06 million barrels to 412.5 million barrels last week, compared with analysts’ expectations for a decline of 820,000 barrels.
Changes in oil futures prices
Crude
Price (US$/barrel)
Change value (US$)
Change (%)
Brent(December futures)
110.78
+1.96
+1.80%
WTI(December futures)
98.60
+1.45
+1.50%
*At 07:43 a.m. Makkah time.
