According to Khabaronline news agency, the price of Brent crude oil futures for December, which expires on Friday, increased by one dollar and 20 cents or 1.04%, reaching $116 and 8 cents per barrel. The more active January contract rose $1.39 to $112.19.
ISNA wrote: The price of US West Texas Intermediate (WTI) crude oil increased by one dollar and 37 cents or 1.34%, reaching $103 and 37 cents per barrel.
In October, Brent crude oil rose by nearly 11% and West Texas Intermediate by 14%.
The British Maritime Trade Operations Organization (UKMTO) announced on Friday that an oil tanker had been involved in an accident in the Strait of Hormuz, a key sea route for oil and fuel exports from the Persian Gulf region.
“The continuation of military actions around the Strait of Hormuz has caused oil prices to remain high,” said Saul Kavnik, head of the energy research department at MST Markey.
ExxonMobil and Chevron have canceled travel plans for their executives to the United Arab Emirates’ largest oil exhibition next week, two informed sources said, citing security concerns in the Middle East.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, stated in a press conference in Singapore yesterday that increasing uncertainty has made it difficult to predict prices. However, he expects crude oil prices to fluctuate in a higher range—between $70 and $90 per barrel—even after the conflict ends; This is despite the fact that before the start of the imposed war against Iran, the prices were in the range of 60 to 70 dollars.
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