‎Oil prices rise more than 1%

‎<p class="ckeCaption" ><img src="https://argaamplus.s3.amazonaws.com/f1671d69-917f-4595-be6d-05104903ed1e.png" ><span >Oil prices rose by more than $1 a barrel as escalating tensions in the Middle East fueled concerns over supply disruptions</span></p> <hr> <p dir="ltr" >Oil prices rose by more than $1 a barrel during Wednesday's trading as escalating tensions in the Middle East fueled concerns over supply disruptions, while declines in US crude and refined product inventories also supported the market.</p> <p dir="ltr" ><br> Goldman Sachs said in a note issued on Tuesday that global average crude oil shipping costs remain seven times higher than a year ago and are unlikely to fall sharply as long as the conflict in the Middle East continues. This poses a risk that could push Brent crude prices above the bank's forecasts.</p> <p dir="ltr" ><br> In the US, two Energy Department officials said on Tuesday that they were working with oil refiners worldwide to boost fuel production amid a diesel supply shortage that has driven prices higher, Reuters reported.</p> <p dir="ltr" ><br> US crude inventories declined, while markets awaited official figures from the Energy Information Administration later on Wednesday. Inventories are expected to fall by around 100,000 barrels, according to data from the American Petroleum Institute.</p> <p dir="ltr" ></p> <table align="center" border="1" cellpadding="0" cellspacing="0" dir="ltr" width="100%"> <tbody> <tr > <td colspan="5" > <p dir="ltr" ><span ><span ><strong><span >Changes in oil futures prices</span></strong></span></span></p> </td> </tr> <tr > <td > <p dir="ltr" ><span ><span ><strong><span >Crude</span></strong></span></span></p> </td> <td > <p align="center" dir="ltr" ><span ><span ><strong><span >Price (US$/barrel)</span></strong></span></span></p> </td> <td > <p align="center" dir="ltr" ><span ><span ><strong><span >Change value (US$)</span></strong></span></span></p> </td> <td ></td> <td > <p align="center" dir="ltr" ><span ><span ><strong><span >Change (%)</span></strong></span></span></p> </td> </tr> <tr > <td > <p dir="ltr" ><strong><span ><span ><span ><span >Brent (December futures)</span></span></span></span></strong></p> </td> <td > <p align="center" dir="ltr" ><span ><span ><span dir="LTR"><span >110.10</span></span></span></span></p> </td> <td > <p align="center" dir="ltr" ><span ><span ><span >+</span><span dir="LTR"><span >1.31</span></span></span></span></p> </td> <td colspan="2" > <p align="center" dir="ltr" ><span ><span ><span >+1.20</span><span dir="LTR"><span >%</span></span></span></span></p> </td> </tr> <tr > <td > <p dir="ltr" ><strong><span ><span ><span ><span >WTI (December futures)</span></span></span></span></strong></p> </td> <td > <p align="center" dir="ltr" ><span ><span ><span dir="LTR"><span >98.91</span></span></span></span></p> </td> <td > <p align="center" dir="ltr" ><span ><span ><span >+</span><span dir="LTR"><span >1.09</span></span></span></span></p> </td> <td colspan="2" > <p align="center" dir="ltr" ><span ><span ><span >+1.10</span><span dir="LTR"><span >%</span></span></span></span></p> </td> </tr> </tbody> </table> <div ><span class="ckeCaption" ><em>*As of 07:58 am Makkah time.</em></span></div>

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Argaam - UAE News · Trade Publication

Published

21st October 2026

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argaam.com

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