International oil prices continue to rise by 1%, investors assessed the news that Ukrtransnafta stopped pumping oil from Russia to Hungary, the Czech Republic and Slovakia, trading data show.

The price of October futures for Brent grew by 1.2%, to $97.81 per barrel. September futures for WTI grew by 1.32%, to $91.96.

The news about the limitation of oil supplies to Europe amid the ongoing energy crisis supported oil quotations.

Earlier, Transneft confirmed that Ukrtransnafta on August 4 stopped pumping Russian oil via the southern branch of Druzhba pipeline system to Hungary, the Czech Republic and Slovakia, as the Russian party was unable to pay for transit under EU sanctions. 

The depreciation of the dollar against world currencies also contributed to the rise in oil prices. The dollar index (a basket of currencies of the six U.S. trading partners) fell by 0.37% to 106.04 points. The weaker dollar makes commodities, including oil, more available for purchase by investors holding other currencies. It is also worth stressing that inflation and oil prices are closely related. 

Later Tuesday, the markets will be expecting the US Department of Energy’s Short-Term Oil Outlook (STEO), which will come out with data about the expected value of Brent and WTI oil and the country’s production levels in the coming years.