Oil prices continued their upward trend, surpassing $110 a barrel on Wednesday morning due to the Middle East supply fears and a drop in US inventories.
Brent and WTI were trading at $110.4 and $99.16 a barrel on Wednesday, up 1.37 per cent and 1.47 per cent, respectively.
Oil prices have been trading higher in the first three weeks of October compared to the same days in September due to concerns around the Middle East war.
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In the UAE, fuel prices jumped to over a four-year high in October as Super 98, Special 95 and E-Plus 91 rates were hiked by Dh0.60 or 16 per cent a litre due to the rally in global oil prices.
In October, Super 98 costs Dh4.40 a litre, compared to Dh3.8 in September; Special 95 petrol is priced at Dh4.28 per litre, compared to Dh3.69 last month; and E-Plus 91 costs Dh4.21 per litre in October, compared to Dh3.61 a litre in September.
December contracts for Brent averaged around $104.7 a barrel in the first three weeks of October compared to $101.37 during the same period last month.
The UAE revises retail fuel prices at the end of every month to align them with the global prices. For the month of November 2026, the UAE fuel price committee will announce petrol prices on October 31. With 10 days still to go, prices will be adjusted accordingly, taking into account monthly oil prices and other factors.
Oil prices spiked as Iran told Pakistan’s army chief Asim Munir that there would be no talks with the US until its demands were met, Iranian media outlet Nournews reported on Tuesday.
Maritime security risks are also escalating. Shiptracker Kpler said on Monday that at least 18 vessel attacks were recorded over the past two weeks, while LSEG analysts warned Iran was targeting tankers well beyond the Strait of Hormuz, reaching into the Gulf of Oman and jeopardising Gulf crude loadings and the ship-to-ship transfers supporting regional loadings.