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Brent crude oil prices cross USD 117 per barrel
Brent crude oil prices crossed USD 117 per barrel amid escalating geopolitical tensions in West Asia and US-Iran friction.
Key points
- Brent crude rose $2.48 to $111.30 and WTI crude gained $2.11 to $99.26 per barrel.
- Houthi attacks killed two people at a Saudi oil field and at least one person at a Dammam airport.
- US crude inventories dropped by 3.06 million barrels, exceeding analyst expectations of an 820,000-barrel draw.
Why it matters. Rising crude prices may increase India's import bill, pressure the rupee, and raise input costs for aviation and transportation industries.
Brent crude oil futures settled at $117.38 per barrel on the Intercontinental Exchange after climbing nearly 7 per cent last week. Ajit Mishra of Religare Broking attributes the rally to US-Iran tensions and Houthi attacks on Saudi infrastructure. Investors are now monitoring the Federal Open Market Committee's October 27-28 meeting and reports of US and Israeli plans to target Iranian energy facilities after November 3.
Latest updates
Brent crude oil prices cross USD 117 per barrel
Brent crude has already crossed USD 117 per barrel amid escalating risks in West Asia. Analysts indicate that threats to energy infrastructure and the Strait of Hormuz are driving supply fears. Investors are also awaiting the US Federal Reserve's monetary policy decision. These combined factors are expected to keep oil prices volatile.
Gold prices drop by ₹924 per 10g as Brent crude tops $113
The price of 24-karat gold decreased by ₹924 to reach ₹1,42,469 per 10 grams. Simultaneously, 22-karat gold fell by ₹846.39 to ₹1,30,501.60 per 10 grams. Market analysts attribute the dip to Brent crude oil climbing above $113 per barrel. Currency movements and global economic instability are also influencing the price correction.
Brent Crude Surpasses $113 After Drone Strike On Saudi Aramco Field
Brent crude oil prices rose above $113 per barrel after a drone strike targeted the Shaybah field operated by Saudi Aramco. Mohammed Imran, a research analyst at Mirae Asset Sharekhan, noted that the attack has heightened market volatility. The situation is further complicated by the lack of a US-Iran deal to reopen the Strait of Hormuz. Analysts warn that crude oil could hit $120 per barrel, posing a significant threat to the global economy. Higher freight costs are also impacting Asian refining margins.
Indian shares expected to open higher as Brent crude hits $113.5 per barrel
Indian shares are expected to open higher on Friday, with GIFT Nifty futures trading at 22,830.50 as of 7:42 a.m. IST. This follows a week where the Nifty and Sensex both dropped approximately 2%. Market sentiment remains cautious as Brent crude oil futures rose to $113.5 a barrel. The surge is driven by concerns over energy disruptions following Houthi attacks on Saudi Arabia.
Brent Crude Oil Prices Rise To $114 Per Barrel
Brent crude futures increased by 0.45% to reach $114.02 a barrel on Friday. US West Texas Intermediate (WTI) crude also gained 0.42% to hit $100 per barrel. The price surge follows a 4% climb in the previous session to a five-month high. Market volatility is being driven by Houthi attacks on Saudi Arabia, a top global oil exporter.
Brent crude rises to $111.30 per barrel amid Saudi energy attacks
Global oil prices surged due to heightened supply fears caused by attacks on Saudi energy sites. Brent crude futures rose by $2.48 to reach $111.30 per barrel. Similarly, US West Texas Intermediate (WTI) crude gained 2.17%, or $2.11, to settle at $99.26 per barrel. Market volatility remains high as West Asian tensions persist.
Brent Crude Rises 1.71% to $110.67 Amid US-Iran Strike Reports
Brent crude futures rose 1.71% to $110.67 on Thursday amid heightened geopolitical tensions. Market volatility increased following reports that the US may resume military strikes against Iran. Analysts suggest that further escalation in the Middle East could significantly disrupt global oil supplies. Traders are closely monitoring official statements from Washington and Tehran regarding potential military movements.