Crude oil prices continue to rise sharply and have topped $110 U.S. per barrel as tensions in the Middle East worsen and Iran continues to attack ships in the Persian Gulf.
West Texas Intermediate (WTI) crude oil is up nearly 7% on Oct. 20 and trading at $110.48 U.S. per barrel. U.S. crude prices have now risen 20% in the past month.
Brent crude oil, the international standard, is up 2% on the day and trading at $111.67 U.S. a barrel, its highest level since May of this year.
Crude prices are jumping higher on reports that 18 oil ships in the Middle East have been attacked by Iran and its supporters over the past two weeks.
On Oct. 19, the Houthi militant group attacked a training camp for government security forces in Yemen’s Shabwa province, killing 58 people and injuring more than 200.
The Houthis also continue to attack Saudi Arabia’s infrastructure, targeting ?energy facilities, airports, and military sites.
The renewed attacks and escalating tensions have raised fears about regional stability in the Middle East and underscored continuing risks to global energy supplies.
In the U.S., crude oil stockpiles continue to fall along with inventories, raising alarms heading into the cold winter months.
Crude oil prices are advancing despite U.S. President Donald Trump’s efforts to lower them by striking a deal for more diesel fuel from Russia in exchange for sanctions relief.
Rising prices continue to lift the stocks of oil majors such as Chevron (CVX), which is up 44% this year and currently trading at $224.37 U.S. per share.
