- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,195.90-0.48%
- INTEREST37.00%-1.00
- BITCOIN82,797-1.05%
- October 13, 202619°
- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,195.90-0.48%
- INTEREST37.00%-1.00
- BITCOIN82,797-1.05%
- October 13, 202619°
Oil prices rise 3.5% as Brent crude tops $101.20
Oil prices rose 3.5% on Wednesday, September 9, while the price of Brent crude per barrel reached $101.20. Concerns that tensions between the United States and Iran could disrupt energy shipments through the Strait of Hormuz supported prices.
Oil prices rose 3.5% on Wednesday, September 9. The price of Brent crude, the international benchmark, reached $101.20 per barrel as of 3:30 p.m. Greenwich Mean Time.
New reciprocal attacks between the United States and Iran drove the increase by heightening concerns about global energy supplies. Markets are closely monitoring potential disruptions to oil shipments through the Strait of Hormuz.
Shipment risks in the Strait of Hormuz
The rise in oil prices continued amid tensions between the United States and Iran. The Strait of Hormuz is one of the world's most important routes for oil transportation.
Last weekend, the US military attacked three Iranian oil tankers after Iran fired ballistic missiles at two US Navy warships.
Iran also warned the crews of vessels near the ports of Kuwait and Bahrain to leave their ships. The development further heightened concerns about maritime security and regional oil shipments.
Attacks on infrastructure in Saudi Arabia
The latest tensions have also intensified existing risks to oil supplies. The Iran-backed Houthis carried out attacks on energy infrastructure in southern Saudi Arabia, including the Jizan oil refinery, which has a capacity of approximately 400,000 barrels per day.
Market participants are closely following developments around the Strait of Hormuz, through which a significant share of crude oil and petroleum products is transported. A prolonged disruption to tanker traffic along this waterway could reduce global supplies and push up energy prices.
Chinese demand supported prices
Oil prices also received support from a recovery in demand from China. Disruptions to shipments from the Gulf region prompted Chinese refineries to seek alternative crude from producers in Africa, Canada and Latin America.
The shift toward more distant suppliers is expected to increase shipping costs and intensify competition for crude grades from outside the Middle East.
Stay Updated with The Turkiye Times
Subscribe to be informed about special news, developments and announcements. We will keep you informed.
By signing up, you agree to our Privacy Policy
