Oil: Brent Price Surpasses $77.50 on Thursday in London
Oil prices rose on Thursday, primarily driven by developments in the Middle East. This morning, the price of North Sea Brent crude for December delivery climbed by 1.37%, reaching $77.55 per barrel.
Similarly, its American counterpart, West Texas Intermediate (WTI), for November delivery, also increased by 1.37%, settling at $74.24.
The market is apprehensive about a potential disruption in the Iranian oil supply, which could contribute to higher prices.
Iran, one of the world’s top ten crude oil producers, reported an output of 3.4 million barrels per day in August, according to the International Energy Agency (IEA).
However, oil prices face structural constraints due to weak demand from China, the world’s largest crude importer, and forecasts indicating abundant production in 2025.
