On Thursday (October 22), the price of Brent crude in the international market rose by $1.29 per barrel to $110.11. At the same time, the price of US West Texas Intermediate (WTI) rose by 97 cents to $98.12 per barrel.
Recently, debris from a drone shot down near Saudi Aramco's Shaybah oil field killed two foreign workers and injured two others. However, the country's Ministry of Energy said oil field operations were not affected. Meanwhile, according to ship-tracking firm Kpler, at least 18 ships have been attacked in the region over the past two weeks. As a result, there is a risk of disruption to energy transportation through the Strait of Hormuz and the Gulf of Oman sea route.
Meanwhile, declining commercial inventories in the US market have also contributed to the rise in oil prices. Crude oil inventories in the country fell by 3.06 million barrels to 412.5 million barrels. In this situation, ahead of winter, the Trump administration plans to release up to 315,000 barrels of fuel from its emergency reserve (Northeast Home Heating Oil Reserve) to control the energy crisis and home heating costs.