Oil Steady as Traders Weigh Middle East Risks
Crude oil held steady near $91 per barrel on Monday as investors continued to monitor rising tensions in the Middle East, while OPEC+ agreed to maintain oil production quotas unchanged next month. Saudi-backed forces in Yemen launched a full-scale military operation to retake areas controlled by the Houthis following weeks of escalating tensions between the Iran-backed group and Saudi Arabia. The Houthis seized control of the Bab el-Mandeb, a strategic chokepoint between the Red Sea and the Gulf of Aden that Saudi Arabia had been using to export oil while avoiding the Strait of Hormuz. Meanwhile, major OPEC+ members agreed over the weekend to leave production quotas unchanged next month amid prolonged supply disruptions from the Middle East conflict. The decision comes as oil prices climb back toward the $100-a-barrel level and diesel prices reach record highs at the pump, prompting G7 nations to release emergency oil reserves amid the continuing conflict.
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Crude oil held steady near $91 per barrel on Monday as investors continued to monitor rising tensions in the Middle East, while OPEC+ agreed to maintain oil production quotas unchanged next month. Saudi-backed forces in Yemen launched a full-scale military operation to retake areas controlled by the Houthis following weeks of escalating tensions between the Iran-backed group and Saudi Arabia. The Houthis seized control of the Bab el-Mandeb, a strategic chokepoint between the Red Sea and the Gulf of Aden that Saudi Arabia had been using to export oil while avoiding the Strait of Hormuz.
Meanwhile, major OPEC+ members agreed over the weekend to leave production quotas unchanged next month amid prolonged supply disruptions from the Middle East conflict. The decision comes as oil prices climb back toward the $100-a-barrel level and diesel prices reach record highs at the pump, prompting G7 nations to release emergency oil reserves amid the continuing conflict.