Oil hits $110 amid market shifts
Oil prices have risen significantly, with Brent crude reaching its highest level in Asian market sessions at $110.11 per barrel, an increase of 1.2%. West Texas Intermediate also climbed by 1% to $98.12. This comes after the United States issued orders for its diplomatic families to evacuate Saudi Arabia, amid increasing attacks on maritime navigation and Iran targeting oil tankers in the Gulf of Oman, threatening transportation operations in the region. In another development, Russian President Putin met with the US envoy to discuss ending the war in Ukraine, hinting at the possibility of resuming peace talks between Russia and Ukraine under American mediation next month. Additionally, US Energy Information Administration data showed oil inventories declining to 412.5 million barrels, though less than expected, while distillate stocks increased.
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