Oil prices

Global oil prices soar amid Middle East tension

Global oil prices have soared after a three-week decline on increasing tensions in the Middle East with Brent North Sea crude exceeding $114.50 a barrel

Press TV,

10 October, 2012

On Wednesday, price of Brent North Sea crude for delivery in November increased to as high as USD 115.59 per barrel. However, it later declined to stand at USD 114.79, which is 29 cents more than that of Tuesday's closing level.

New York's main contract, light sweet crude for November delivery, jumped to USD 93.66 before falling back to USD 92.59.

"Crude oil is again firmer," said GFT Markets analyst Fawad Razaqzada on Wednesday.

"Both Brent and WTI ...look set to push further higher. Judging by the reaction of equities, one can only assume this rally is mostly due to raised supply-side concerns arising from the Middle East than anything else."

"At the moment, supply worries are certainly outweighing demand concerns," added Razaqzada.

The Turkish and Syrian militaries exchanged artillery fire for a sixth straight day on Monday.

On October 5, Turkish Prime Minister Erdogan said that Turkey was not far from war with Syria due to the cross-border attacks.

"We are not interested in war, but we're not far from it either," Erdogan told a crowd in Istanbul.