Oil prices rise by more than $2 amid US–Iran tensions
Brent and US crude oil prices climbed amid supply concerns and falling US stockpiles.
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Oil prices rose by more than two dollars a barrel on 21 October as prospects for diplomatic progress between the United States and Iran diminished, Reuters reported.
Brent crude gained $2.06 to $110.85 a barrel, while US West Texas Intermediate (WTI) rose $2.13 to $99.95, according to the market report. Prices fluctuate during trading.
Markets are responding to concerns about the security of Middle Eastern supplies, including tensions on maritime routes. Another factor is the latest US crude inventory data, showing a decline of 4.9 million barrels in the week ending 16 October.
Higher crude prices may put upward pressure on transport costs and fuel prices, although the impact on consumers also depends on exchange rates, taxes and retail margins.
Sources: Reuters.
Illustrative photograph: Nils Huenerfuerst / Unsplash. Used under the Unsplash License.
