Brant oil, which serves as a global market reference point, has been expensive for more than 60 percent compared with the period before the war. On Friday, the price of oil contracts for December increased by more than two percent, temporarily spending $117 per barrel.

According to the market intelligence company Kpler, oil exports from the Gulf averaged 24.6 million barrels a day during the week that ended on October 18th, exceeding the average pre-war level.

However, analysts estimate that prices are being influenced by fears of restarting fighting, reducing oil reserves and increasing transportation costs from the region.

Adi Isirovic, energy systems legalist at Oxford University and experienced oil businessman, told Al Jazeera that the market is reflecting expectations for continuing the conflict and the possibility of escalating it.

Meanwhile, shipping companies have created oil transport systems from one ship to another off the coast of Oman and the United Arab Emirates to reduce the time of shipping in dangerous waters near the Strait of Hormuz.

Source Layer: RTKLive