Oil rises as Saudi Arabia vows response to attacks
Brent crude climbed above $105 as renewed strikes on Saudi facilities and tankers heightened fears of wider supply disruptions, analysts said.
- On Monday, Brent crude futures rose 0.73% to $105.48 a barrel as the Middle East conflict escalated. Yemen's Iran-backed Houthis intensified strikes on Saudi Arabia, including a weekend attack on Riyadh's international airport that killed 13 people.
- President Donald Trump said on Saturday the United States is considering joining Saudi strikes on the Houthis. This potential involvement marks a spillover from the wider war with Iran that the United States and Israel launched in February.
- Two tankers were attacked over the weekend near the Strait of Hormuz, the United Kingdom Maritime Trade Operations reported. These incidents, including a drone strike near Sohar, threaten to dampen the recovery in Middle East crude exports.
- Goldman Sachs raised its Brent crude price forecast for December to $90 a barrel, up from $85 previously. Analysts led by Daan Struyven estimated a risk premium of over $20 a barrel, citing potential for renewed escalation.
- Nick Twidale, chief market analyst at Global Markets in Sydney, wrote that 'there will be plenty for markets to digest' this week. Investors are focused on upcoming United States inflation data and a fresh earnings season.
79 Articles
79 Articles
Oil Holds Advance as Expanding Middle East War Threatens Supply
Oil held a gain as a widening conflict in the Middle East threatened to hamper a recovery in supply from the region, while there were also doubts over US President Donald Trump’s claims of an “energy ceasefire” between Russia and Ukraine.
New Houthis attacks on Saudi Arabia on the weekend pressured oil prices on Monday (12). Quotes ended the session at the highest levels in two weeks. US President Donald Trump's statement that Ukraine and Russia agreed to halt attacks on energy facilities in both countries, following a US diesel supply agreement with Moscow, helped contain a more intense movement for the recovery of crude oil. At Intercontinental Exchange (ICE), the Brent oil con…
Attacks in Saudi Arabia raise the price of crude oil, affecting the Gulf’s energy infrastructure. Explosions in Riyadh aggravate tension. Yanbu’s complex, key to the conflict, is vulnerable to Houthi attacks. In parallel, Trump confuses with announcements about Ukraine and Russia.
Oil prices rose sharply at the beginning of the week, reaching the highest level in the last two weeks, in the context of escalating tensions in the Middle East. Attacks on Saudi Arabia and fears about the disruption of oil shipments through the Ormuz Strait amplify energy market uncertainties and increase price pressure, Reuters reports.
Coverage Details
Bias Distribution
- 60% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
