Oil rises on Middle East supply fears, US inventory drawdowns

Oil prices climbed by more than $1 on Wednesday as concern about Middle East supply disruptions combined with lower US inventories, Business Recorder reported. Brent futures added $1.59, or 1.5%, to $110.38 a barrel, while US West Texas Intermediate rose $1.36, or 1.4%, to $99.18 at 0350 GMT.

The report cited ongoing regional tensions and maritime risks, including 18 vessel attacks recorded over the previous two weeks, according to shiptracker Kpler. US crude stocks declined by 4.9 million barrels in the week ended October 16, based on market sources citing American Petroleum Institute data; US officials were also working with international refiners to increase fuel output amid higher prices linked to a diesel shortage.