Global crude oil prices cross $101 a barrel

Global crude oil prices rose on Wednesday (October 7), with international benchmark Brent crude climbing above $101 a barrel amid growing concerns over potential supply disruptions.

Brent crude futures rose 93 cents, or 0.92 per cent, to $101.51 a barrel, according to market data cited by Al Jazeera.

At the same time, US benchmark West Texas Intermediate (WTI) crude gained 82 cents, or 0.92 per cent, to trade at $90.25 a barrel.

The latest increase came as a powerful storm threatened oil-producing areas in the United States, raising concerns about disruptions to production and supply. Tensions in the Middle East also added to market uncertainty following attacks by Iran-backed Houthi rebels in Yemen on Saudi Arabia.

Although efforts are underway to increase oil supplies from the Middle East to the global market, the additional supply has so far had limited impact on prices.

The combination of weather-related risks in the United States and heightened geopolitical tensions in the Middle East has kept concerns over global oil supplies elevated, putting further upward pressure on crude prices.

Source: Al Jazeera