War alarm in the Middle East! Oil tops $111

Military tensions climbing in the Middle East and reports of attacks on oil tankers targeting energy facilities have heightened supply concerns in global markets. While the price per barrel of Brent crude rose 2,4% to $111,48, claims that the United States and Israel are preparing a new operation against Iran have intensified market unease.

Brent Crude Again Exceeds $111

On international markets, the December‑dated Brent crude per‑barrel price finished the previous day at $108,82 before rising on the new trading day. At 09.14 a.m., the price climbed 2,4% to $111,48.

At the same time, the December‑dated West Texas Intermediate (WTI) crude per‑barrel traded at $99,23.

In the price rise, risks of conflict in the Middle East as well as data on U.S. oil stocks and production also played a role.

Claim That the United States and Israel Are Preparing a New Operation Against Iran

In reports in the U.S. press that cite unnamed officials, it was alleged that the Washington and Tel Aviv administrations were evaluating new military operation options against Iran. According to the claims, preparations for a possible operation are underway.

While it was suggested that U.S. President Donald Trump could decide on a military intervention this month, it was stated that the Washington administration was considering different options to prevent Iran from acquiring nuclear weapons.

It was reported that some officials argued that refineries and energy infrastructure should not be targeted in possible operations to avoid a sharp rise in oil prices. No official decision regarding those claims was confirmed.

The Oil Field Attack Targeted the Oil Field in Saudi Arabia.

It was reported that an unmanned aerial vehicle attack was carried out on the Sheybe Oil Field, located in southeastern Saudi Arabia and operated by Saudi Aramco.

The Saudi Energy Ministry announced that two people lost their lives and two others were injured in the incident. According to the ministry's statement, air defense systems intercepted the UAV, but a fire broke out in a vehicle outside the facility.

Although it was stated that there were no disruptions to production activities in the oil field, the attack heightened concerns about the security of the region's energy infrastructure.

Four Ships Targeted in the Gulf of Basra

Another development that increased tensions in the region was the announcement that four ships had been targeted in the Gulf of Basra.

The Islamic Revolutionary Guard Corps Navy announced that four ships conducting ship‑to‑ship oil transfer had been struck in a simultaneous attack. The statement alleged that the vessels had used unauthorized routes, and that fires continued after the attacks.

Iran also accused the United States of steering its ships onto routes said to be mined, warning that if this continued, U.S. bases in the region could also be targeted.

These developments in the Gulf of Basra, one of the key routes for oil transport, strengthened concerns that shipments might be disrupted.

U.S. Petroleum Inventories Fell Far Beyond Expectations

Rising oil prices were also impacted by U.S. inventory data

According to data from the U.S. Energy Information Administration, commercial petroleum inventories in the country fell by 3.1 million barrels last week to 412.5 million barrels, exceeding the expected decline of roughly 100,000 barrels in the markets

At the same time, U.S. strategic petroleum reserves fell by 300,000 barrels to 282.7 million barrels, and daily crude oil production recorded a decline of 410,000 barrels, amounting to 13.269 million barrels

The unexpected steep drop in inventories, together with supply concerns from the Middle East, increased upward pressure on prices

Which price levels are being watched?

In markets, investors focus on military developments in the Middle East and the security of oil shipments. Technical analysis points to a resistance level of $112.91 for Brent crude and a support level of $103.58.

It is assessed that price volatility may persist if tensions deepen in the region or oil transport is disrupted. Nonetheless, the trajectory of military developments and whether there will be an actual supply cut will be decisive for the oil market’s direction.