Oil rises on Middle East supply fears, US inventory drawdowns
Brent and West Texas Intermediate each climbed more than $1 as attacks on Saudi facilities and lower U.S. inventories raised supply concerns.
- On Wednesday, oil prices gained over $1 as escalating Middle East tensions fueled supply disruption fears, while falling U.S. crude and product inventories provided market support.
- Houthis claimed responsibility Monday for attacks on Saudi Aramco sites in Yanbu, Shaybah, Riyadh, and Abha; the death toll from a separate Houthi attack on a Yemeni training camp rose to 73.
- Brent crude futures rose $1.59, or 1.5%, to $110.38 per barrel, while West Texas Intermediate crude gained $1.36, or 1.4%, to $99.18 per barrel as American Petroleum Institute data showed falling U.S. stocks.
- Suvro Sarkar, head of energy research at DBS, said "oil prices have been having a bit of a wild ride," attributing volatility to profit-taking and hopes for a Qatar- or Pakistan-brokered deal.
- Iranian Foreign Minister Abbas Araqchi said Tuesday that Tehran awaits responses to its peace talk offers, while analysts warned of escalating maritime risks following at least 18 vessel attacks in recent weeks.
11 Articles
11 Articles
Oil rises on Middle East supply fears, US inventory drawdowns
Oil prices gained over $1 on Wednesday as escalating Middle East tensions fuelled fears of supply disruptions, while falling US crude and product inventories lent support to the market. Brent crude futures rose $1.59, or 1.5%, to $110.38 per barrel. US West Texas Intermediate (WTI) crude gained $1.36, or 1.4%, to $99.18 per barrel. Prices fell in the previous trading session after Iran's president discussed mediation efforts in a meeting with …
Oil Prices Bounce Back as US WTI Crude Climbs to $98.58 a Barrel
BEIJING: Crude oil prices climbed again in global markets on Wednesday as concerns over potential disruptions to oil supplies from the Middle East and risks to Saudi Arabia’s energy infrastructure continued to weigh on market sentiment. Brent crude rose above $109 a barrel, while US crude prices also recorded gains. Brent crude futures increased by 85 cents, or 0.78%, to $109.64 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude gaine…
Crude Oil Prices Climb $1 on Middle East Risks
By Adedapo Adesanya Crude oil prices gained over $1 early on Wednesday as escalating Middle East tensions fuelled fears of supply disruptions, while falling crude and product inventories in the United States lent support to the market. Brent crude futures rose $1.59 or 1.5 per cent to $110.38 per barrel, while US West Texas Intermediate […]
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