Brent crude edges toward $99 on Saudi facility attack reports
Brent crude rose toward $99 a barrel Tuesday after Saudi Arabia reported attacks that halted operations at several southern energy facilities, with Iran-backed Houthi claims citing the 400,000-bpd Jazan refinery and other domestic-linked sites.
Brent crude rose towards $99 a barrel on Tuesday after Saudi Arabia reported attacks that halted operations at several energy facilities in the south of the kingdom. The state-run Saudi Press Agency said the strikes wounded several people, while Iran-backed Houthi militants claimed responsibility for targeting the 400,000-barrel-a-day Jazan refinery and other facilities serving the domestic market. The attacks add to concerns over further disruption to global oil supplies amid ongoing Houthi strikes and the war involving Iran.
Tensions are also rising around the Strait of Hormuz, where Iran said an agreement with Oman could soon provide a temporary safe-passage route, while warning that ships remain at risk of attack. Meanwhile, Chinese crude imports strengthened in August, with refiners increasing purchases from the Persian Gulf and other sources. Higher imports have enabled China to export more refined products, providing some relief to global oil markets.