Oil Prices Bounce Back After Brief Dip Amid Ongoing Middle East Tensions

Oil prices have rebounded in early trading after falling the previous evening. The price of a barrel (159 liters) of Brent crude oil for November delivery rose by 1.8 percent to $107.55 this morning.

The East-West Pipeline, a key Saudi oil route and an alternative to shipments through the Strait of Hormuz, was shut down last week following attacks. However, no date has been announced yet for resuming operations by state-owned company Saudi Aramco.

Brent crude oil prices have increased by nearly 76 percent so far this year due to rising tensions in the region. The US-Iran conflict and attacks on ships in the Strait of Hormuz have led to disruptions in oil supplies.