Oil Prices Jump to 16-Week High After Saudi Energy Attacks
Brent crude rose $3.62 to $108.23 a barrel as attacks on Saudi infrastructure and Gulf shipping raised supply concerns, traders said.
- On Monday, oil prices surged more than $3 a barrel at market open following fresh strikes on Saudi Arabia and ships in the Gulf on Sunday.
- Saudi Arabia kept its critical 1,200km East-West pipeline closed following drone damage on Friday, Sept 11, with traders warning Riyadh has only five to seven days of stored oil at Yanbu if repairs stall.
- Diplomatic efforts stalled Sunday as Omani Foreign Minister Badr Albusaidi announced the postponement of regional talks with Iran, while a vessel was struck by a projectile in the Strait of Hormuz causing a fire.
- Crown Prince Mohammed bin Salman requested military aid from President Donald Trump on Sept 10 to fight the Houthis, but Trump offered only intelligence support, noting the group also contacted his administration.
- IG market analyst Tony Sycamore warned that without operational progress in Oman or pipeline repairs, crude oil could extend gains toward the $119.48 high amid six months of conflict involving the United States and Israel.
122 Articles
122 Articles
Another front of tension in the Middle East war, with attacks on the valuable Saudi pipeline.
Oil Prices Jump to 16-Week High After Saudi Energy Attacks
Oil prices jumped over 4% to a 16-week high on Monday after new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East compounded energy supply concerns.Brent futures rose $4.68, or 4.5%, to $109.29 per barrel at 10:15 a.m. EDT (1415 GMT), while U.S.
Oil prices extend rally, rising more than 3% over supply concerns
London: Oil prices continued to surge on Monday, rising more than 3% after attacks on Saudi energy infrastructure and vessels in the Middle East heightened concerns over global supply.Brent crude futures rose $3.00, or 2.9%, to $107.61 a barrel by 1112 GMT, after earlier reaching an intraday high of $108.65. U.S. West Texas Intermediate (WTI) crude gained $2.48, or 2.5%, to $102.53 a barrel.Oil prices climbed around 9% last week as tensions esca…
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