Energy Experts Predict High Gas Prices Will Stick Around
- On Thursday, Brent crude futures climbed $3.19, or 2.9%, to $112.01 a barrel, while US West Texas Intermediate crude gained $2.41, or 2.5%, to $99.56 amid escalating Middle East conflict.
- Escalating hostilities drove the surge, with Yemen's Houthi rebels striking Saudi Arabia on Wednesday, killing at least three people, while the Islamic Revolutionary Guard Corps Navy reported fires on vessels in the Persian Gulf.
- Saudi Aramco instructed staff in Dhahran to evacuate and work remotely today, while the State Department ordered diplomats to leave missions in Saudi Arabia as production dropped at Libya's Hamada oilfield following a pipeline shutdown.
- The Trump administration is offering to loan up to nearly a third of the 1-million-barrel US emergency heating oil reserve, the Department of Energy said Wednesday, seeking to contain surging prices from diesel shortages.
- "No de-escalation is anticipated until the US midterm elections," PVM Oil analyst Tamas Varga said, noting that regional attacks continue to counter reports of crude exports exceeding pre-conflict levels.
131 Articles
131 Articles
Brent crude hits 6-month high above $116 per barrel as Houthi strikes fuel supply fears
US West Texas Intermediate rises 3.8% to $103.27 a barrel.Brent rises 6%, while West Texas Intermediate advances 2.3%.UAE reports oil spill, adding to concerns over regional energy risks.Oil prices climbed...
Brent crude jumps to highest since April on Houthi attacks, UAE oil spill
Attacks in Saudi Arabia and worries about the Strait of Hormus drive the oil price. Learn what this means for petrol stations, fuel oil customers and the markets.
Oil hits six-month high
Ongoing Houthi attacks on Saudi Arabia have raised concerns about further disruptions to global energy supplies, especially after Saudi state oil company Aramco ordered the evacuation of its headquarters on Thursday. And the situation could get worse: The US and Israel are reportedly discussing renewed new strikes on Iran after the US midterms in November, which could trigger another round of Iranian retaliation against Gulf energy infrastructur…
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