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Brent crude exceeds $102 on supply issues
The rise and stabilization of oil prices at high levels are due to global market fluctuations and geopolitical tensions in the Middle East, despite the G7's decision to mobilize 100 million barrels from reserves to ease pressure on the fuel market. Brent crude closed at $102.25 per barrel, with only a 6-cent loss, while West Texas Intermediate declined to $91.11, down by $1.76 or 1.9%. Over the week, Brent increased by 0.11%, but WTI decreased by 1.6%. Analysts expect oil prices to surpass the $100 mark next week, though prices remain influenced by the balance between supply recovery, inventory levels, and geopolitical risks, especially amid increased oil flows through the Strait of Hormuz in September and ongoing tensions in the Gulf region.
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