Crude Oil Prices Rise Again in World Markets Amid Middle East Tensions

Amid tensions in the Middle East and concerns over fuel supply, crude oil prices have risen again in world markets. The news agency Reuters reported this development.

On Wednesday morning (October 21), the price of Brent crude rose 1.5 percent to 110.38 dollars per barrel. At the same time, the price of US West Texas Intermediate (WTI) crude rose 1.4 percent to 99.18 dollars per barrel.

Earlier, on Tuesday (October 20), the price of Brent crude had come close to 110 dollars per barrel. Last week too the price crossed 110 dollars before falling back to between 106 and 107 dollars. On May 19, the price of Brent crude had climbed to 111.28 dollars per barrel.

One of the main causes of the renewed volatility in the oil market is the attacks on oil tankers in the Strait of Hormuz. Citing data from the fuel-market intelligence firm Kepler, Reuters reported that at least 18 tankers have been attacked in the last two weeks.

These attacks have disrupted the transport of fuel oil through this crucial waterway. With uncertainty spreading over this key artery of the world's fuel supply, anxiety is growing in the markets.

Meanwhile, fresh attacks by Yemen's Houthi group in Saudi Arabia have also raised regional tensions. The reports mention that alongside fuel infrastructure, airports and military installations have also been targets of these attacks.

Analysts believe this new phase of the conflict between Saudi Arabia and the Houthis is raising concerns over security in the Middle East.

Analysts fear that if tanker attacks in the Strait of Hormuz continue and the risk of attacks on Saudi Arabia's fuel infrastructure grows, the supply of oil in world markets could be further disrupted.

They have warned that this could put further upward pressure on crude oil prices in international markets.

With oil prices moving upward for three to four days in a row, many investors had been hoping for stability in the market. But the news of fresh attacks has dealt a blow to those hopes.

After prices crossed 110 dollars last week and then came down, many had thought the market was steadying. The events in the Strait of Hormuz have changed that perception.

Economists fear that this uncertainty in the supply chain could also affect the global economy, especially at a time when many countries are still battling high inflation.