MUSCAT : Brent crude futures rose 57 cents, or 0.5 percent, to $110.34 a barrel, while U.S. West Texas Intermediate crude futures rose $1.26, or 1.1 percent, to $113.67.
According to reports, the conflict is putting pressure on global crude oil markets, with premiums for U.S. West Texas Intermediate crude in spot trading rising to record levels, as Asian and European refiners scramble to find alternative supplies amid disruptions to flows from the Middle East.
Russia said yesterday that Ukrainian drones attacked the Caspian Pipeline Union’s Black Sea port, which handles 1.5 percent of the world’s oil supply, damaging loading infrastructure and huge storage tanks, raising concerns about supplies.
The OPEC+ alliance agreed last Sunday to a modest production increase of 206,000 barrels per day for May, but the increase will be largely hypothetical, as key members cannot increase production because the closure of the Strait limits exports.
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