Brent crude oil rose to a five-month high, despite Trump's concessions to Russia

Global oil prices rose sharply amid attacks on Saudi Arabian ships and energy facilities, which heightened fears of supply disruptions.

The price of Brent crude rose to $111.05 per barrel—its highest level since May. U.S. WTI rose to $104.94 per barrel, reaching its highest level since September.

According to ING analysts, the market is pricing in an additional premium due to risks to energy supplies. According to data from Kpler, at least 18 ships have been attacked over the past two weeks.

The rise comes despite the Trump administration’s decision to ease some sanctions related to Russian diesel fuel. Concerns about the situation in the Middle East remain the main factor driving up prices at this time.

Source: Reuters

As of 7:45 a.m. Eastern Time on October 16, the price of benchmark Brent crude stood at $108.51 per barrel.

Oil prices that remain above $100 per barrel could make it more difficult for the U.S. and, potentially, Israel to prevent a new escalation involving Iran ahead of elections in both countries.