Oil Prices Push Toward $100/bbl After Houthis Attack Multiple Saudi Energy Facilities (USO:NYSEARCA)
Brent rose 2.3% to $99.22 as attacks on Saudi Aramco facilities injured more than 70 and forced some operations offline, CNBC reported.
- Iran-Aligned Houthi militants struck Saudi Aramco facilities in Jazan on Tuesday, injuring more than 70 people and forcing operations offline at a site processing up to 400,000 barrels of oil daily.
- Tensions escalated following US military strikes on three Iranian oil tankers after missile attacks on US warships; Tehran labeled the exchange a "war crime." Houthi attacks on Saudi Arabia date back to 2019.
- Brent crude pushed toward $100 a barrel on Tuesday, rising 2.3% amid intensified hostilities, while West Texas Intermediate reached a six-week high at $94 per barrel.
- Dow futures fell more than 400 points, about 0.8%, as rising energy costs drove Treasury yields higher and Wall Street refocused on upcoming US inflation data.
- Survo Sarkar, Head of Energy Research at DBS Bank, warned the recent US-Iran hostilities "has the potential to materially change markets" regarding oil price-related risks through 2027.
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(New York = Yonhap News) Correspondent Lim Soo-jung = International oil prices fell on the 8th (local time) as tensions in the Strait of Hormuz were compounded by attacks on Saudi energy facilities on the Red Sea coast...
Oil prices push toward $100/bbl after Houthis attack multiple Saudi energy facilities (USO:NYSEARCA)
Brent crude oil prices pushed closer to $100/bbl after Iran-backed Houthi militants in Yemen attacked several energy facilities in Saudi Arabia, forcing a halt to some operations.
Oil prices topped $98 on world markets on Tuesday after forces of Yemen's Ansar Allah movement attacked power plants in Saudi Arabia and Tehran threatened the US with an “economic war.” In the London market, the barrel traded in the afternoon at [...] The publication Attacks on Saudi energy infrastructure raised oil prices above $98 appeared first on the New Gazette.
Oil prices reached several-week highs this Tuesday
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