Crude oil prices soar on fears of global conflict.

Bangkok, Crude oil prices increased as the situation in the Middle East intensified and the Ukrainian army sent drones to attack Russian oil facilities. International Trade Business Unit, PTT Public Company Limited, reported on the oil market situation for the week of 15 - 19 Jan. '24 and the trend for the week of 22 - 26 Jan. '24 that crude oil prices increased from The situation in the Middle East is deteriorating On January 20, 2024, Al Jazeera reported that Israel used warplanes to fire missiles to destroy buildings in Damascus, the Syrian capital. to kill five high-ranking members of Iran's Islamic Revolutionary Guard Corps and several Syrian soldiers were killed. Iranian President Ebrahim Raisi condemned the attack. and declares revenge US military side Shell attacked Houthi bases in Yemen, targeting Houthi anti-ship missiles in response to the missile attack on the US giant Gibraltar Eagle while it was sailing in the Gulf of Aden, while Shell announced the suspension of maritime energy transport. T emporarily passing through the Red Sea since January 17, 2024. The North Dakota Pipeline Authority of the United States reported that crude oil production in the state of North Dakota on January 19, 2024 increased by 150,000 barrels per day to 745,000-800,000. barrels per day After stopping operations due to acute cold weather (Cold Blast) from snowstorms from the Arctic hitting the United States, while OPEC's January 2024 report forecasts world oil demand in 2024 to increase from the previous year by 2.24. Million barrels per day is 104.36 million barrels per day. Thai Oil PCL reports West Texas Crude Oil Contract (WTI) for delivery in February. Rose $1.78 or 2.4% to close at $75.19/barrel. As for the Brent crude oil contract (BRENT), delivered in March. rose $1.50, or 1.9%, to close at $80.06/barrel. Oil prices surged after reports that The Ukrainian military has sent drones to attack oil facilities of Russian energy company Novatek. On Sunday, the company decided to suspend operations at its Ust-Luga fue l export terminal in the Baltic Sea. Located about 170 kilometers west of St. Petersburg, Russia, it transports oil and gas to the world market. The station processes liquefied natural gas (condensate) into light and heavy naphtha, kerosene and diesel fuel. To transport by sea to foreign countries Additionally, extremely cold weather across the US is affecting crude oil production in North Dakota and other US states, North Dakota Pipeline Regulators have said. that The government closed about 20% of oil production lines yesterday. Source: Thai News Agency