Crude Oi Nears $102 Amid Supply Disruptions
Crude oil traded near $102 a barrel on Monday after reaching a four-month high of $105 earlier in the session. Ukrainian President Zelenskyy said Ukraine is willing to halt attacks on Russian energy targets if Russia agrees to do the same. He added that “Ukraine is not convinced that Russia is willing to abide by any agreement.” Zelenskyy’s conditional statement undercut a claim by US President Trump that Russia and Ukraine had agreed to suspend strikes on each other’s energy infrastructure. Meanwhile, Saudi Arabia closed its critical pipeline that bypasses the Strait of Hormuz, further constraining global supplies. Drones launched from Iraq damaged the East-West pipeline on Thursday, forcing the Saudi government to shut it down. A diplomatic meeting between Iran and the Gulf Arab states to discuss the situation in Hormuz was abruptly postponed following the pipeline attack. The number of commodity vessels observed transiting the Strait of Hormuz fell to single digits over the weekend.
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Crude oil traded near $102 a barrel on Monday after reaching a four-month high of $105 earlier in the session. Ukrainian President Zelenskyy said Ukraine is willing to halt attacks on Russian energy targets if Russia agrees to do the same. ” Zelenskyy’s conditional statement undercut a claim by US President Trump that Russia and Ukraine had agreed to suspend strikes on each other’s energy infrastructure. Meanwhile, Saudi Arabia closed its critical pipeline that bypasses the Strait of Hormuz, further constraining global supplies.
Drones launched from Iraq damaged the East-West pipeline on Thursday, forcing the Saudi government to shut it down. A diplomatic meeting between Iran and the Gulf Arab states to discuss the situation in Hormuz was abruptly postponed following the pipeline attack. The number of commodity vessels observed transiting the Strait of Hormuz fell to single digits over the weekend.