Oil Prices Rise Amid Trump's Plan to Buy Russian Diesel
Brent climbed as traders weighed Russian diesel supplies against attacks on Gulf shipping and Saudi energy sites, with analysts warning the market could stay volatile.
- Oil prices oscillated on Monday, with Brent Crude increasing 2.1% to $106.95 a barrel as markets weighed new global energy developments against supply-constricting signals from ongoing geopolitical tensions.
- Attacks on Saudi Arabia and the Strait of Hormuz have pushed oil prices up by nearly $2, disrupting exports and intensifying supply concerns following the United States' ongoing conflict with Iran.
- Trump announced on Friday a deal for over 300,000 tons of Russian diesel, though PVM analyst Tamas Varga noted, "The immediate impact of the deal is questionable, as Russia's refining capacity has been severely reduced."
- On Sunday, Trump claimed that Russia and Ukraine agreed to a ceasefire covering energy infrastructure, though Ukrainian leader Volodymyr Zelenskiy expressed skepticism, stating he was still waiting to see specific details.
- Goldman Sachs raised its December Brent forecast to $90 a barrel, while analyst Jim Ritterbusch of Ritterbusch and Associates expects limited price relief as new supplies develop gradually through year-end.
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snn.irAs tensions in the Middle East escalated and pressure on international waterways increased, the global price of Brent oil crossed the $110 mark per barrel.
Iran is firing on ships passing through the Strait of Hormuz, and Ukraine has threatened strikes on Russian refineries.
Oil rises due to situation in the Middle East, not Ukraine's strikes on Russian refineries - Reuters Oil is rising due to supply risks from the Middle East <p>and dwindling inventories in the United States. Analysts did not call Ukraine strikes key factor.</p>
Oil prices hold gains near $105 as renewed attacks in Russia, West Asia threaten supply
Brent crude traded around $106 a barrel in early Asian trade after climbing 1.3% in the first three sessions of the week. The US West Texas Intermediate (WTI) for November delivery slipped 0.3% to $94.77 a barrel, around the same time.
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