Oil rises on Middle East supply fears, US inventory drawdowns
- Oil prices rose over $1 on fears of supply disruptions from escalating tensions in the Middle East and falling US inventories.
- Brent crude futures increased by $1.61 to $110.40 per barrel, while US West Texas Intermediate crude rose $1.45 to $99.27 per barrel.
- Recent discussions on mediation efforts led to price fluctuations, but optimism for a resolution remains dim due to continued inventory drawdowns in the US.
- Maritime security risks are escalating with reported attacks on vessels in the Gulf of Oman, threatening crude loadings and transfers in the region.
