Oil exceeds $100 amid supply concerns
US crude futures surpassed the $100 per barrel mark, while Brent crude rose to around $109, amid fears of supply disruptions due to tensions in the Middle East, declining US inventories, and renewed Ukrainian attacks on Russian oil facilities.
US crude futures surpassed the $100 per barrel mark, and Brent crude rose to around $109 per barrel, amid escalating fears of disruption to global energy supplies. These gains came amid uncertainty over supply stability, with ongoing geopolitical tensions in the Middle East casting a shadow over energy markets. A decline in US oil inventories, due to hurricane-related disruptions in the southern United States, added to market pressures. According to the US Energy Information Administration, crude inventories fell by about 8.6 million barrels in the week ending October 9. Prices also received support from renewed Ukrainian attacks on Russian oil infrastructure, following Ukrainian President Volodymyr Zelensky's announcement on Thursday ending the temporary commitment to what is known as the 'energy truce'. These developments revived concerns about potential disruptions to refining operations and supplies.