Oil Prices Rise Amid Trump's Plan to Buy Russian Diesel
Traders weighed fresh Houthi strikes on Saudi energy assets against Trump’s Russian diesel deal, with Brent rising 2.1% to $106.95 a barrel.
- 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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117 Articles
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.
Saudi Arabia continues to grapple with the attacks of the Houthi rebels, amid an escalation of the long-standing conflict in Yemen, within a convulsed situation in the Middle East. While in Yemeni territory, the World Food Programme denounces that it can no longer access the more than 600,000 people who need humanitarian aid because of the fighting, the Saudi kingdom reported attacks by the rebel group against Riyadh, especially against one of t…
(New York = Yonhap News) Correspondent Kim Yeon-sook = On the 14th (local time), international oil prices rose due to escalating tensions in the Middle East and the aftermath of the International Energy Agency (IEA)'s warning of supply shortages...
Oil rose this Wednesday, after a Houthis attack on Saudi Aramco and after Iran announced that it is implementing new tactics to attack ships
Future oil contracts closed high this Wednesday (14), in the face of increased tensions in the Middle East and the risks of new supply restrictions, after Houthis rebels, supported by Iran, launched missiles and drones against several points in Saudi Arabia, including an attack that damaged the headquarters of Saudi Aramco oil company. The movement joined the escalation of Iranian attacks on ships in the Strait of Ormuz. In the Intercontinental …
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