In the international market, fuel oil prices rose by more than 2 percent in a single day, reaching their highest level in the past six months (since April). The price increase occurred due to concerns over global fuel supply amid the worsening war situation around Iran after the US midterm elections and attacks on oil tankers in the Strait of Hormuz.
On Friday (30 October), the price of December futures for Brent crude rose by $2.76 per barrel, or 2.4 percent, to $117.64. Meanwhile, the price of US West Texas Intermediate (WTI) crude rose by $2.12 to $104.12. In the just-ended month of October, Brent crude prices rose by 13.6 percent and WTI prices rose by 15.2 percent.
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Market participants believe that if military tension in the Middle East and security risks on important waterways increase, major disruptions to oil supply could occur. Dennis Kissler, senior vice president of BOK Financial, said traders are now watching the oil supply situation from the Middle East and possible military actions by the United States and its allies.
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