Oil Prices Jump More than $3 After New Strikes on Saudi, Strait of Hormuz
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.
22 Articles
22 Articles
The Korea Times
Oil prices jump more than $3 after new strikes on Saudi, Strait of Hormuz
BEIJING — Oil prices rose more than $3 a barrel at the market open on Monday, after new strikes on Saudi Arabia and on ships in the Gulf on Sunday. Brent crude futures rose $3.62, or 3.46 percent, to $108.23 per barrel as of 2214 GMT (Sunday). WTI futures rose $3.15, or 3.15 percent, to $103.20 per barrel. Saudi Arabian state media on Sunday released video footage of damage to homes and a mosque from what it said was a Houthi attack on the count…
Oil prices rose by more than three dollars per barrel at the opening of Monday's dealings, following new attacks on Saudi Arabia and ships in the Gulf region. Reuters stated that by 22:14 GMT Sunday, Brent's future contracts rose by $3.62, or 3.46 per cent, to $108.23 per barrel.
Saudi Arabia is expected to threaten to collapse following a pipeline attack of drastic oil exports +++ Huthi report further attack on Saudi Arabia +++ Brics states in the Middle East urge restraint +++ The newsblog.
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