Oil price: The oil paradox: Why prices are rising despite growing supply
Stable oil exports and other factors should have caused the oil price to fall. But it is climbing to a five-month high. What is keeping the price up?
The Brent oil price has risen by over three percent to $112, its highest level in more than five months, following drone attacks on a Saudi oil field that killed two people. Despite the Saudi Energy Ministry stating that the field's operation was unaffected, the attacks by Huthi rebels have heightened the risk of further escalation.
The UK Maritime Trade Operations reported 32 incidents of tanker attacks this month, up from 16 in September. Meanwhile, oil exports from the Gulf region have returned to pre-war levels, according to Kpler data, and are expected to reach over 80 percent of that level for October. The IEA has announced it will release emergency reserves and the US has eased diesel sanctions on Russia.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
