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Shafaq News<\/p>\n
Oil prices rose on Thursday on persistent worries about supply from the key Middle East producing region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz.<\/p>\n
Brent \u200bcrude futures rose $1.33, or 1.33%, at $101.53 a barrel by 0116 GMT. US West Texas Intermediate (WTI) \u200ccrude futures gained $1.11, or 1.26%, to $89.39.<\/p>\n
Prices settled lower on Wednesday after the International Energy Agency agreed to accelerate the release of oil stocks and to prioritize diesel supplies under a plan launched in March, as governments seek to tackle record fuel prices and \u200bsupply disruptions caused by the Iran war.<\/p>\n
However, threats to oil shipping in the Gulf and the \u200bStrait of Hormuz, which carried shipments equal to about 20% of global oil and \u2060fuel before the war, have increased in October as the US-Israeli conflict with Iran enters its eighth month.<\/p>\n
Attacks \u200bon tankers sailing through the Strait of Hormuz hit their highest last week of any week since the \u200bIran war began as Gulf producers increase exports. The increase in attacks is occurring as more crude is flowing out of the Gulf but at higher costs and risk to cargoes and crew.<\/p>\n
In the latest attack, a tanker north of Qatar was struck \u200bby multiple projectiles, causing casualties, the United Kingdom Maritime Trade Operations agency said on Wednesday.<\/p>\n
“In the past, such \u200battacks have resulted in a reduction in shipments from the Persian Gulf. This time around, producers appear to be willing \u200cto take \u2060the risk of their vessels being damaged, as there is no alternative way to get their oil to international markets,” Daniel Hynes, senior commodity strategist at bank ANZ, said in a note on Thursday.<\/p>\n
Hynes also said the IEA’s oil release would likely consist of barrels that were already part of the group’s original 400-million-barrel release \u200bplan at the start \u200bof the Middle East conflict, \u2060meaning it does not appear to represent an additional draw on strategic inventories.<\/p>\n
“Ultimately, strategic stock releases can augment supply flows temporarily but do not create new production \u200bcapacity,” he said.<\/p>\n
Inventory data from the US, the world’s biggest oil consumer and \u200bproducer, were supportive \u2060for prices as crude stockpiles fell by a higher-than-expected amount, while diesel inventories declined slightly.<\/p>\n
Crude inventories fell by 3.2 million barrels to 424.1 million barrels in the week ended October 2, the Energy Information Administration said on Wednesday, \u2060compared with \u200banalysts’ expectations in a Reuters poll for a 1.7 million-barrel decline.<\/p>\n
Distillate \u200bfuel inventories, including diesel fuel and jet fuel, dropped by 42,000 barrels to 105.14 million barrels, well below their levels reported for \u200bthis time of year in the past five years.<\/p>\n
(REUTERS)<\/p>\n
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