Global oil prices rise amid Middle East security risks

Brent crude oil prices have surpassed $110 per barrel due to escalating security risks in the Middle East. Attacks by Houthi rebels on Saudi Arabian targets, including a drone strike on a petroleum field that resulted in two deaths, have heightened concerns over energy supply stability. Additionally, tensions involving Iran and the risk of disruptions in the Strait of Hormuz have contributed to market volatility.

In the United States, crude oil inventories fell by 3.06 million barrels, a decrease that exceeded market expectations. Meanwhile, global shipping costs for crude oil have surged nearly sevenfold over the past year, with Goldman Sachs reporting that average transport costs rose from $3 to over $20 per barrel. This increase is attributed to war risk premiums in the Strait of Hormuz, rising fuel costs, and the complexities of ship-to-ship transfers.

Despite rising international crude prices, fuel prices in Turkey have seen consecutive reductions. Following an initial cut of 4.30 TL per liter, a second reduction of 3.35 TL was implemented, bringing the total weekly decrease for gasoline to approximately 7.65 TL.