Oil tops $115 a barrel on world markets amid Hormuz Strait tension and Houthi attack claims
Fuel oil prices have risen again on the world market. Claims of attacks on key Saudi Arabian energy facilities and growing security risks in the Strait of Hormuz have raised concerns over global oil supplies. As a result, crude oil prices on the international market have crossed $115 per barrel.
Al Jazeera reported that at the start of trading in Asian markets on Friday, October 30, the international benchmark Brent crude rose 86 cents, or 0.75 percent, to reach $115.74 per barrel.
At the same time, US crude West Texas Intermediate (WTI) rose 72 cents, or 0.71 percent, to stand at $102.72.
According to market analysts, both Brent and WTI are on course to rise for the fourth straight month. During October, Brent crude prices could climb by about 14 percent and WTI by about 15 percent.
One of the main reasons behind this surge in the oil market is news of attacks on Saudi Arabia's energy infrastructure. Yemen's Houthi forces claim they attacked Saudi Arabia's Ras Tanura and Rabigh oil refineries and the Abqaiq facility of the state oil company Aramco.
Meanwhile, Iran's Islamic Revolutionary Guard Corps (IRGC) has claimed that three oil tankers struck sea mines and caught fire while trying to use an unauthorised route south of the Strait of Hormuz.
