On Wednesday, Brent crude oil futures for December delivery rose by 1.24% to $107.02 per barrel, while U.S. West Texas Intermediate futures for November increased by 1.18% to $95.25 per barrel.
The rise in oil prices is attributed to ongoing conflicts, including a recent attack on Riyadh's main airport by the Houthis, which has prompted retaliatory strikes on Houthi energy terminals by a Saudi-led coalition. The situation is further complicated by tensions between the U.S. and Iran, with U.S.
Central Command dismissing claims from Iran's Islamic Revolutionary Guard Corps Navy regarding control over the Strait of Hormuz. Hedge fund manager Paul Tudor Jones expressed a bullish outlook on oil, suggesting prices could rise an additional $20 to $25 due to the conflict.
He indicated that any resolution to the situation would likely have occurred before the upcoming midterm elections, reinforcing the potential for continued price increases in the oil market