Oil Prices Rise Amid Middle East Conflict

MOSCOW (Reuters) – Russian Deputy Prime Minister Alexander Novak stated on Wednesday that oil prices have risen as markets anticipate a decline in supply due to the ongoing conflict in the Middle East.

In televised comments following a meeting of top OPEC+ ministers, who maintained the current oil output policy, including a plan to start increasing production in December, Novak emphasized that the current oil prices are already reflecting the implications of this conflict.

Oil prices fell below $70 a barrel for the first time since 2021 in September but have since recovered to above $75 due to concerns that Iran's military actions against Israel could disrupt regional output.

Novak remarked, "The conflict itself in the Middle East was already partly factored in by the price." He further noted, "The market reacts primarily to the potential decrease in supply resulting from conflict or military actions."