Crude Oil Extends Gains
Crude oil extended gains to over $96 a barrel on Thursday, as escalating tensions in the Middle East heightened concerns over regional energy supplies. Yemen’s Houthi group said it had attacked Saudi military sites in Jazan, while Saudi Arabia reported intercepting missiles launched toward the Red Sea port of Yanbu. Traders are closely monitoring Saudi crude shipments amid the renewed attacks. Oil prices had already been rising after Iran threatened to broaden the conflict, further reducing optimism over a potential agreement to reopen the strategically important Strait of Hormuz. A senior Iranian military official said Tehran could expand the conflict to the Indian Ocean if the US or Israel launches another attack, according to Iran’s Fars news agency. The comments weakened hopes for a diplomatic resolution to the nearly seven-month conflict. Tehran has also maintained that it will restrict freedom of navigation through Hormuz while US sanctions and a blockade remain in place.
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Brent crude extended gains to over $107 a barrel on Thursday, as escalating tensions in the Middle East heightened concerns over regional energy supplies. Yemen’s Houthi group said it had attacked Saudi military sites in Jazan, while Saudi Arabia reported intercepting missiles launched toward the Red Sea port of Yanbu. Traders are closely monitoring Saudi crude shipments amid the renewed attacks. Oil prices had already been rising after Iran threatened to broaden the conflict, further reducing optimism over a potential agreement to reopen the strategically important Strait of Hormuz.
A senior Iranian military official said Tehran could expand the conflict to the Indian Ocean if the US or Israel launches another attack, according to Iran’s Fars news agency. The comments weakened hopes for a diplomatic resolution to the nearly seven-month conflict. Tehran has also maintained that it will restrict freedom of navigation through Hormuz while US sanctions and a blockade remain in place.