Petrol prices in the UAE may go up again in November. It would be the fourth rise in a row. Brent crude hit USD 114.70 a barrel on Friday, higher than September's peak. Fears about oil supply from the Middle East keep pushing prices up. The UAE Fuel Price Committee will announce the new rates at the end of October.
The National reported the Brent price on October 23. US West Texas Intermediate (WTI) crude also rose to USD 101.10 a barrel. Analysts say traders still worry about more supply problems across the Middle East.
Houthi rebels, who are backed by Iran, have attacked Saudi Arabia again. Fears for oil sites and shipping routes have pushed prices to their highest level in five months.
Oil flows through the Strait of Hormuz are slowly recovering. About one-fifth of the world's oil consumption passes through the Strait of Hormuz. US Energy Secretary Chris Wright said flows are back to 80% to 90% of pre-war levels.
Still, experts say the danger is not gone. Buyers pay extra since future deliveries feel uncertain. Shipping costs are higher too.
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The UAE links fuel prices to global markets. It liberalized fuel prices in 2015, and rates now change every month.
In October, petrol rose for the third month in a row. Super 98 went to Dh4.40 a liter. Special 95 reached Dh4.28, and E-Plus 91 climbed to Dh4.21. Diesel rose to Dh4.80.
November's rates will depend on how oil prices move through October. If Brent stays above USD 110, another rise is likely. A peace deal or better exports from the region could ease prices, since they would calm fears about supply.
For now, drivers in the UAE should expect another rise at the pump. After three months of higher costs, many will be watching closely. The final numbers will be clear when the committee shares November's rates at the end of the month.