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.
17 Articles
17 Articles
Oil prices have risen by more than $1 per barrel, with rising concerns about the supply of the Middle East and continuing attacks on ships, while declining stocks of United States crude and petroleum products have contributed to price support.
The Express Tribune
ARY NewsOil 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 …
Crude oil prices are rising again. Brent crude is trading above $110 a barrel, and the situation in the Strait of Hormuz is causing growing concern. Over the weekend, a tanker reportedly struck a sea mine, and Iran is warning of further potential targets. Crude oil stocks in the US are falling for the third consecutive week.
Beijing: Oil prices rose more than $1 on Wednesday as U.S. crude and product inventories fell amid rising tensions in the Middle East and increasing supply concerns. Brent crude futures rose $1.61 to $110.40 per barrel at 9:30 a.m. Saudi time, while U.S. West Texas Intermediate crude rose $1.45 to $99.27 per barrel. Prices fell in the previous trading session but Brent settled after hitting a five-month high following Iranian president's meeting…
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