Brent Crude Jumps, Settles up over US$3 After Tanker Attacks
At least five vessels reported incidents since Sunday, and analysts warned that renewed disruptions could keep oil prices elevated.
- Brent crude rose $3.67, or 3.88%, to $98.29 a barrel on Friday as new attacks on tankers fueled supply worries in the Middle East.
- Attacks on tankers in the Gulf continued at a near-record pace, with at least five vessels reporting incidents since Sunday, according to UK maritime security agency UKMTO.
- Eurasia Group raised the likelihood of a continued standoff to 30% from 15%, warning that conflict escalation could push Brent into a $110 to $125 per barrel range.
- Foreign Minister Abbas Araqchi discussed the "latest progress" in diplomatic efforts with Saudi and Qatari counterparts, while Saudi Arabia warned of potential danger in Yanbu from Houthi attacks.
- Democrats took control of the US Congress in Tuesday's midterm elections, while investors remain concerned about Iran's firm stance in negotiations and the ongoing US-Israeli war.
12 Articles
12 Articles
(New York = Yonhap News) Correspondent Lim Soo-jung = International oil prices rebounded on the 5th (local time) as bargain buying flowed in following a plunge of more than 8% the previous day.
Protothema
PentapostagmaNew attacks on tankers in the Persian Gulf are fueling a surge in oil prices as tensions with Iran heighten concerns about the security of global supplies.
Brent Oil Prices Resurface at $98 as Tanker Attacks Spark Supply Concerns. (Photo: Magnific)
The Brent bounced back on Thursday November 5th after a fall of more than 8% the day before. The new tensions around oil tankers in the Middle East show why a one-off drop in crude oil does not automatically translate into a lasting fall in energy prices. The oil article: after the sharp fall in prices, a sharp rebound recalls the fragility of the market appeared first on L'EnerGeek.
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