Oil rises as Middle East supply concerns persist amid shipping attacks

Oil prices have risen on Thursday due to persistent concerns about supply from the Middle East, as attacks on shipping in the Gulf and the Strait of Hormuz continue. Brent crude futures increased by $1.33, or 1.33%, to $101.53 a barrel, while US West Texas Intermediate (WTI) crude futures climbed by $1.11, or 1.26%, to $89.39. The International Energy Agency's decision to accelerate the release of oil stocks and prioritize diesel supplies did not initially impact prices, as the IEA's release is expected to consist of barrels already part of its original 400-million-barrel release plan.

However, attacks on tankers sailing through the Strait of Hormuz have increased in October, with the highest number of attacks since the Iran war began, potentially reducing shipments from the Persian Gulf. Despite this, producers are willing to take the risk of damaging their vessels as there is no alternative way to get their oil to international markets.

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