Oil trending upwards

barrel of Brent crude oil is trading at $89.70 on international markets, rising. The price of a barrel of Brent crude oil, which rose to $91.94 yesterday, closed the day at $89.42. As of 09:45 today, the price of a barrel of Brent crude oil increased by 0.31 percent compared to the closing price, reaching $89.70. At the same time, a barrel of West Texas Intermediate (WTI) crude oil found buyers at $85.48. While the uncertainty that the negotiations between Israel and Hamas will lead to a ceasefire in Gaza and ease tensions in the Middle East are increasing oil prices, data showing a higher-than-expected increase in stocks in the US, the world's largest oil consumer, is weighing on price increases. Oil prices, which have reached their highest levels in the last 5 months due to supply concerns caused by geopolitical tensions, continue to find support from concerns about the Middle East and Russian oil. Israeli media reported that the Israeli delegation, which was in Cairo yesterday for talks on a ceasefire and prisoner swap in Gaza, had returned to the country and that the status of the negotiations was unclear. Israeli state television KAN reported that officials in Israel refused to comment on reports that progress had been made in the negotiations and that whether progress had been made in the negotiations would only be learned in the coming days. Concerns that further supply disruptions could occur in the Middle East, where the majority of global oil reserves are located, following the attacks on Iran's embassy in Damascus are also having an impact on prices. According to the Iranian official news agency IRNA, Iranian leader Ayatollah Ali Khamenei stated in the sermon he led at the Grand Musalla Mosque in the capital Tehran that Israel's attack on the Iranian consulate in Damascus was tantamount to an attack on his country's territory, saying, "The evil regime made a mistake, it must be punished and it will be punished." On the other hand, according to the American Petroleum Institute, crude oil stocks in the country increased by 3.03 million barrels last week. Market expectations were that stocks would increase by 2.4 million barrels. The US Energy Information Administration (EIA) will announce official oil stock data today. If there is an increase in stocks, oil prices are expected to trend down.