How much is the price of a barrel of Brent crude today?

After rising to $82.74 yesterday, the price of a barrel of Brent crude finished the day at $82.21. As of 09:28 today, the price of a barrel of Brent crude increased by 0.35 percent compared to the closing price, reaching $82.50. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was finding buyers at $78.12.

TENSION IS THE REASON FOR THE PRICE INCREASE

The ongoing tension in the Middle East and the Red Sea has been effective in the rise in prices. Concerns that the ongoing conflicts in the region, where most of the global oil reserves are located, could disrupt global oil supply are supporting prices upward.

Houthi military spokesperson Yahya Saree stated that their naval forces attacked the US-owned ship Pinocchio with missiles and that Houthi forces would increase their military operations during the month of Ramadan. According to news on the Houthi-affiliated Al-Masirah television, 5 attacks were carried out by US and British forces on the Tahiye region in the Majz district of Saada, Yemen.

The Houthis had announced yesterday that the US and the UK had carried out 13 airstrikes on the city of Hodeidah in the west of the country.

Market players are awaiting the inflation data to be announced in the US today and the monthly oil market report from the Organization of the Petroleum Exporting Countries (OPEC).

The US inflation report is expected to help shape the interest rate outlook of the US Federal Reserve (Fed) and determine the timing of interest rate cuts.

It is anticipated that the global production and demand data to be included in the OPEC report will have an impact on prices.

Technically, it is stated that the $83.76 to $84.78 range can be monitored as a resistance zone for Brent crude, while the $81.46 to $80.44 range can be monitored as a support zone.

News Source: AA