Crude oil prices have increased in recent days due to diminished hopes for a peace agreement between the United States and Iran. Repeated attacks on tankers in the Strait of Hormuz, which reached a record 37 in October, are considered the main factor behind these price changes.
Fluctuations in Crude Oil Prices
Currently, Brent oil is trading at $92.43 per barrel and West Texas Intermediate (WTI) at $86.62 per barrel. These figures have increased compared to earlier in the week, but they are still significantly lower than at the end of October, when Brent oil was over $110 and WTI was above $100.
Read more: Oil Prices Drop to Lowest Level Since August
Attacks on Tankers and Their Impact on the Oil Market
According to published information, a total of 130 ships have been attacked in the region since the onset of the war. Houthi attacks on Saudi infrastructure continue, complicating the security situation in the Middle East and limiting the potential for a decrease in oil prices. One of the latest targets of Houthi attacks was the East-West pipeline.
Oil market analysts believe that even if an agreement is reached, the increase in oil flow through the Strait of Hormuz will depend on other factors such as mine clearance, insurance costs, and shipowners' willingness to accept risks. Senior market analyst at FxPro, Alex Kuptsikevich, stated that geopolitical realities are gradually diminishing and energy flow from the Gulf is improving.
According to Kuptsikevich, oil prices have dropped more than 20 percent since early October, and investors are still removing geopolitical risks from prices. Meanwhile, transportation costs are decreasing, and production and export volumes are returning to pre-war levels.
According to an estimate from a survey of experts, OPEC oil production increased to 22.87 million barrels per day in October, which is close to 90 percent of production levels in February. This increase in production could have a significant impact on global oil prices and help reduce volatility in the market.
Read more: Start of Trading for Shakbir Symbol in the Second OTC Market with Amir Kabir Petrochemical · China's Crude Oil Imports Rise to Highest Level Since March 2026
