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Brent exceeds $109 on supply fears
Crude oil prices have risen significantly, with Brent futures jumping to $109.58 per barrel, and U.S. oil futures surpassing the $100 mark. This increase is driven by ongoing fears of supply disruptions caused by repeated attacks on ships in the Strait of Hormuz and regional geopolitical tensions, including Iran's increased strikes in response to American sanctions. The price surge reflects global concern over supply stability, despite the International Energy Agency's announcement of withdrawing over 20 million barrels from inventories. Meanwhile, European diesel refining margins have declined by 2%, settling at $78.67 per barrel after having increased in September due to reduced supplies.
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