
Increasing conflicts in the Middle East and supply concerns have caused oil prices to rise.
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Conflicts between Saudi Arabia and Iran-backed Yemeni Houthis and tanker movement in the Strait of Hormuz threaten energy supply.
Oil prices rose above $106 on Wednesday, recouping the losses suffered in the previous session. The increasing tension in the Middle East caused upward pressure on oil.
SUPPLY CONCERNS INCREASED
Brent oil rose above $106 per barrel on Wednesday, compensating for its losses in the previous session. The increasing conflicts between Saudi Arabia and the Iranian-backed Houthis were effective in the upward movement of prices. Increasing concerns about supply disruptions in the Middle East supported oil prices upwards.
On Tuesday, Houthi militants in Yemen launched a missile attack on the headquarters of Saudi Aramco in Dhahran in eastern Saudi Arabia, causing a fire in part of the complex.
TANKER ATTACKS INCREASED
On the other hand, Tehran intensified its attacks on tankers passing through the Strait of Hormuz. Brent oil was traded at $106.37 per barrel and West Texas Crude Oil was traded at $94.72 per barrel. News flow that Israeli President Benjamin Netanyahu asked Trump to start bombing Iran again also contributed to the price increase.
Meanwhile, ING commodity analysts considered the Saudi energy minister's plans that the East-West pipeline could increase its capacity by 1.2 million barrels per day within a few months as negative news.
According to the IEA's September report, OPEC+ production increased by 2 million 60 thousand barrels per day on a monthly basis, reaching 40 million 620 thousand barrels. Global supply was 102 million 320 thousand barrels.
The Middle East's exports of oil and petroleum products have fallen sharply in the last week due to attacks and security concerns in the Straits of Hormuz and Bab al-Mandab.

One of the administrative buildings affiliated with the Saudi Aramco company was targeted in the city of Zahran in the Eastern Region of Saudi Arabia. As a result of the attack, a limited fire broke out and no one was killed or injured.

Fluctuations in exchange rates and oil prices and tax increases affect fuel prices. On the European Side of Istanbul, gasoline is 83.80 TL, diesel is 96.60 TL, LPG is 41.20 TL; On the Anatolian Side of Istanbul, gasoline is 83.60 TL, diesel is 96.50 TL, LPG is 40.60 TL; In Ankara, gasoline is 84.80 TL, diesel is 97.70 TL, LPG is 41.29 TL; In Izmir, gasoline is 85.10 TL, diesel is 98.00 TL, LPG is 41.20 TL.
Oil prices rose on Wednesday, as the conflicts between Iran-backed Houthis in Yemen and Saudi Arabia increased supply risks and the effects of the expectation that Russia would increase diesel exports were evaluated on the market. Brent rose to $106.58 per barrel and WTI rose to $94.94.

OPEC's daily crude oil production increased by 920 thousand barrels in September, reaching 25 million 97 thousand barrels. While Saudi Arabia led the way in production increase, Kuwait stood out with its production decrease. While OPEC lowered its 2026 demand forecast, it increased its 2027 expectation.