WASHINGTON (dpa-AFX) - Renewed attacks on oil infrastructure in the Middle East and fading hopes of diplomatic progress to end the disruption in Strait of Hormuz weighed on crude oil prices at the onset of the new week. Amidst the shutdown of Saudi Arabia's East-West pipeline, the postponement of talks between Iran and several Gulf nations as well as the curbs in supply of crude oil from the Middle East, both the crude oil price benchmarks have jumped around 4 percent.
The climb in global crude oil prices after a brief hiatus on Friday also coincided with anxiety ahead of the interest rate decisions by the Federal Reserve and Bank of Japan. Markets expect both the Fed and the BoJ to raise rates by quarter percentage points, in an attempt to combat inflationary pressures, attributed to a great extent to the spike in crude oil prices.
Brent Oil Futures for November settlement are currently trading at $108.92, rising 4.1 percent from the previous close of $104.61. The day's trading ranged between $106.57 and $109.74. The 52-week trading ranged between $58.72 and $126.41.
With the day's surge, Brent's price movement has resulted in weekly gains of more than 12 percent and monthly gains of more than 23 percent. Year-to-date gains are a little less than 80 percent. Brent oil's gains over the past year exceed 62 percent while gains from the levels three years ago are more than 16 percent.
West Texas Intermediate (WTI) Crude Oil Futures for October settlement has rallied 3.9 percent from the previous close of $100.05. The current trading price is $103.90 while prices ranged between a low of $101.76 and a high of $104.91 in the day's trading. Trading has ranged between $54.98 and $117.63 over the past 52 weeks.
Amidst the overnight surge, WTI crude oil is holding on to weekly gains of 12.5 percent and monthly gains of 26 percent. Year-to-date gains exceed 81 percent. WTI prices are currently around 65 percent above the levels a year ago and almost 16 percent above the levels three years ago.
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