Brent Crude Rises to Over 2-Week High
Brent crude traded above $105.5 a barrel on Monday, the highest in more than two weeks, as escalating Middle East tensions heightened concerns over regional security. Saudi Arabia’s main airport came under attack again on Sunday, while another tanker was targeted in the Strait of Hormuz. The incidents followed a phone call between Saudi and Iranian foreign ministers and came amid renewed fighting involving Iran-backed Houthi forces in Yemen. Despite the security risks, oil exports from the Persian Gulf remained relatively resilient. Shipments reportedly recovered to 17.5 million bpd, around 98% of pre-war levels. Meanwhile, US President Donald Trump claimed that Russia and Ukraine agreed to an immediate energy ceasefire. Moscow plans to export 500,000 tons of diesel, far below last year’s 28.6 million tons. The IEA urged governments to accelerate pledged diesel releases, warning that current market conditions require immediate attention ahead of its October 15 meeting.
Story updates
5 a barrel on Monday, the highest in more than two weeks, as escalating Middle East tensions heightened concerns over regional security. Saudi Arabia’s main airport came under attack again on Sunday, while another tanker was targeted in the Strait of Hormuz. The incidents followed a phone call between Saudi and Iranian foreign ministers and came amid renewed fighting involving Iran-backed Houthi forces in Yemen. Despite the security risks, oil exports from the Persian Gulf remained relatively resilient.
5 million bpd, around 98% of pre-war levels. Meanwhile, US President Donald Trump claimed that Russia and Ukraine agreed to an immediate energy ceasefire. 6 million tons. The IEA urged governments to accelerate pledged diesel releases, warning that current market conditions require immediate attention ahead of its October 15 meeting.