Oil prices rise again in the global market.

Bangla Press Desk: Crude oil prices have risen in the global market. This upward trend follows a tug-of-war among investors balancing concerns over potential risks to oil supplies in Saudi Arabia against the prospect of increased diesel supplies from Russia. On Wednesday (October 14) at 00:30 GMT, Brent crude futures rose by 89 cents—or 0.8 percent—to $106.58 per barrel. Simultaneously, US West Texas Intermediate (WTI) crude prices climbed 80 cents—or 0.9 percent—to reach $94.94 per barrel. This report comes from Al Jazeera.
Earlier, at the close of trading on Tuesday, Brent prices had fallen by 0.9 percent to $105.69 per barrel, while WTI prices rose by 0.4 percent to settle at $94.14 per barrel.
A Reuters report indicates that traders are weighing two key factors: fears of supply disruptions stemming from the conflict between Yemen's Iran-backed Houthi group and Saudi Arabia, and the potential for increased diesel supplies from Russia.
On Wednesday, Saudi Arabia's Ministry of Energy announced that Houthi forces had attacked an administrative building belonging to the state-owned oil company, Saudi Aramco, in the eastern city of Dhahran. The attack resulted in a limited fire.
It is natural to fear disruptions to international oil supplies if conflict escalates in Saudi Arabia, a major global oil producer. Conversely, an increase in diesel supplies from Russia could alter the supply-demand balance in the fuel market. Fluctuations in the oil market continue as these risks and possibilities are taken into account.
BP/TD