Crude climbs toward $94.5 amid Saudi attacks and Middle East risks
Crude rose to around $94.5 a barrel on Tuesday, its highest since June 3. The move followed Saudi-reported attacks that halted operations at several southern energy facilities, with additional Middle East shipping tensions in focus.
5 a barrel on Tuesday, its highest level since June 3, after Saudi Arabia reported attacks that halted operations at several energy facilities in the south of the kingdom. The Saudi Press Agency said the strikes wounded several people. Iran-backed Houthi militants said they were responsible and said they targeted the 400,000-barrel-a-day Jazan refinery and other facilities serving the domestic market. The attacks added to concern about 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. Chinese crude imports strengthened in August, with refiners increasing purchases from the Persian Gulf and other sources. Higher imports have allowed China to export more refined products, offering some relief to global oil markets.