Another piece of bad news for everyone with petrol and diesel cars. Oil prices have risen again.
On Wednesday, for the fourth day in a row, oil prices rose following a fire at a pipeline between Iraq and Turkey. The incident led to a short-term shutdown of deliveries, raising concerns about short-term supply, according to Reuters.
The fire was triggered by an explosion in the pipeline in southeastern Turkey and was caused by the collapse of a power pole, according to a security source.
Bad news for those with petrol and diesel cars
Delivery through the Kirkuk-Ceyhan pipeline, which transports oil from northern Iraq, OPEC’s second largest oil producer, to the Turkish port of Ceyhan, has finally resumed.
Moreover, worries about the oil price offer were amplified this week by an attack by the Houthi group in Yemen in the United Arab Emirates, but also by the merger of Russian troops on the border with Ukraine.
Specifically, the price of Brent oil rose 1.31% to $ 88.82 a barrel, and reached $ 89.13 during transactions. This is the highest level since October 13, 2014. West Texas Intermediate (WTI) oil prices also rose $ 1.93 to $ 87.36 a barrel, the highest level since October 9, 2014.
The basis for oil prices is the massive recovery in fuel demand after the coronavirus pandemic.
OPEC officials and analysts say a rise in oil prices could continue in the next few months, and prices could exceed $ 100 a barrel as demand rises due to the spread of the Omicron COVID-19.
US crude oil and gasoline stocks rose, while distillate stocks fell last week, according to market sources, citing figures from the American Petroleum Institute.