New fuel price fears as global oil prices skyrocket

Global oil prices surged to their highest levels since May on Thursday (October 22), as escalating tensions in the Middle East and renewed attacks on Saudi Arabia raised fears of further disruptions to international oil supplies.

Brent crude, the international oil benchmark, rose 3.08% to USD 112.17 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed to USD 99.83 per barrel, according to Reuters.

The sharp increase followed a series of attacks by Yemen’s Iran-aligned Houthi movement on targets in Saudi Arabia, including an oil field and a civilian airport.

At least three people were killed in the attacks, further heightening concerns over the security of energy infrastructure in the region.

Meanwhile, the United States moved to withdraw some diplomatic personnel and their families from Saudi Arabia and other missions in the Middle East amid fears of further escalation.

Reports of explosions in southern Iran and continuing threats to commercial shipping around the Strait of Hormuz also added to market uncertainty.

The Strait of Hormuz is a strategically important waterway for global energy shipments, and any further disruption could place additional pressure on international oil prices.

The latest surge has renewed concerns about rising fuel costs and broader inflationary pressures in oil-importing countries, including Sri Lanka.

However, the impact on domestic fuel prices will depend on international market trends, procurement costs and local pricing decisions. (Newswire)

The post New fuel price fears as global oil prices skyrocket appeared first on Newswire.