Oil prices experienced a modest increase on Wednesday, influenced by developments in the Middle East. In the morning session, the cost of a barrel of North Sea Brent crude for December delivery rose by 0.70%, reaching $77.72. Meanwhile, West Texas Intermediate (WTI) for November delivery increased by 0.69%, climbing to $74.08.
“In a cacophony of news regarding geopolitical tensions, economic shifts, and oil production updates, investors are searching for direction,” analysts note. Numerous uncertainties currently beset the oil market. The potential escalation of conflict in the Middle East, along with concerns about oil supply disruptions from the region, is contributing to rising prices. At the same time, investors are anticipating robust production levels in 2025, which, combined with a slowdown in China’s economy, could exert downward pressure on prices.
Additionally, Hurricane Milton, moving from the southwest to the northeast through the Gulf of Mexico, poses a threat to Florida and its oil facilities, potentially driving prices even higher.
