Two More Tankers Hit Off Saudi Coast As Brent Tops $110
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BizTocTwo More Tankers Hit Off Saudi Coast As Brent Tops $110
Two More Tankers Hit Off Saudi Coast As Brent Tops $110 Brent crude topped $110 a barrel to end the week for the first time since May as drone and missile attacks on energy infrastructure, from the Gulf to the war in Ukraine, cast a very dark cloud over oil and products market ahead of the Northern Hemisphere winter. The global benchmark rose 3.7% Friday, marking the second consecutive week of gains as traders ramped up bullish bets on crude ah…
The price of Brent crude oil in global market trading rose by 3.72% to $109.86 per barrel, a growth that has brought the price of this oil index close to $110.
Two oil tankers were targeted off a Saudi port by a projectile and rocket fire. Several hundred kilometres from the Strait of Ormuz, this expansion of the fighting now directly threatens the country's oil exports.
Brent crude oil prices reached $109.86 on October 16. Rising oil prices do not just affect the energy market; an oil shock can be transmitted through fuel, transportation, petrochemical, and production costs to general inflation.
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