Oil prices in global markets have surged sharply once again due to rising tensions in the Middle East and concerns regarding supply security. The price of a barrel of Brent crude, which was trading in the 105-dollar range in the morning, climbed as high as 109.69 dollars during the day.
As the rise in Brent crude exceeded 3.5 percent and approached 4 percent, the price of a barrel of West Texas Intermediate (WTI) crude oil also rose above the 100-dollar level. This movement in oil prices has brought the expectation of new price hikes for fuel in Turkey to the agenda.
Market assessments indicate that the possibility of political and military tensions in the Middle East spreading to a wider region is increasing concerns regarding oil shipments and supply routes. Daily production losses caused by hurricanes and storms affecting US oil production in the Gulf of Mexico are also cited as factors pushing prices upward.
In Turkey, where exchange rates remain high, the rapid rise in crude oil prices is increasing pressure on pump prices. According to pricing in the first half of October, a liter of gasoline is sold for an average of 85 TL in major cities, while a liter of diesel is sold at the 96 TL level.
It is assessed that if the increase in oil prices becomes permanent, new price adjustments for gasoline and diesel may come to the agenda. It is stated that potential hikes could affect not only vehicle owners but also basic consumer goods, primarily food, through transportation and logistics costs.
News Source: 12punto
