Brent Crude Hits $104 per Barrel

Meanwhile, West Texas Intermediate crude futures for December fell 1.1% to $92.91 per barrel, though shipping risks remain high after two UAE cargo ships sank near the Strait of Hormuz.

The Wall Street Journal wrote that oil prices fell despite ongoing risks to shipping, with signs of an improvement in Middle East crude oil supply and a forecast of lower demand, and December Brent crude oil futures fell 1.6% to $104.39 per barrel.

According to Ambassador Arjan, meanwhile, the future price of West Texas Intermediate crude oil in December decreased by 1.1% to $92.91 per barrel, although shipping risks remain high after the sinking of two Emirati cargo ships near the Strait of Hormuz.

According to this American newspaper, despite the ongoing risks, Middle East crude oil exports have improved significantly. The International Energy Agency announced yesterday (October 22) that Persian Gulf crude oil shipments in September increased by 4.4 million barrels to 13.9 million barrels per day and reached more than 75% of the pre-war level. The global oil supply reached 102.3 million barrels per day with a daily increase of 2.5 million barrels.

However, the agency said the recovery process remains vulnerable to renewed attacks on energy and shipping infrastructure.

The increase in shipping costs has also caused geopolitical risks to increase the price of oil.

Meanwhile, investors are waiting for the publication of the weekly statistics of US oil inventories by the Energy Information Administration of this country. The information is expected to be released later today after a one-day delay due to Monday's federal holiday.