Oil Prices Near $95 as Supply Risks Mount
Crude oil pared earlier losses to trade near $95 a barrel on Tuesday amid concerns over supply risks linked to the conflict between Saudi Arabia and the Iran-backed Houthis. The militants have stepped up attacks on Saudi Arabia since last week, targeting energy facilities and airports. The Houthis attacked King Khalid International Airport in Riyadh on Saturday, while a Saudi-led coalition said it intercepted a ballistic missile fired toward the capital on Monday. Meanwhile, Iran is fortifying sensitive sites, including nuclear facilities, and rallying supporters amid concerns over possible renewed US attacks after the November midterm elections. In contrast, prospects for additional Russian energy supplies to global markets limited oil’s gains. An agreement would allow Russia to supply diesel to the US and other markets for six months. However, Goldman Sachs said the additional Russian diesel supplies were unlikely to significantly ease pressure on global fuel prices.
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Crude oil pared earlier losses to trade near $95 a barrel on Tuesday amid concerns over supply risks linked to the conflict between Saudi Arabia and the Iran-backed Houthis. The militants have stepped up attacks on Saudi Arabia since last week, targeting energy facilities and airports. The Houthis attacked King Khalid International Airport in Riyadh on Saturday, while a Saudi-led coalition said it intercepted a ballistic missile fired toward the capital on Monday. Meanwhile, Iran is fortifying sensitive sites, including nuclear facilities, and rallying supporters amid concerns over possible renewed US attacks after the November midterm elections.
In contrast, prospects for additional Russian energy supplies to global markets limited oil’s gains. An agreement would allow Russia to supply diesel to the US and other markets for six months. However, Goldman Sachs said the additional Russian diesel supplies were unlikely to significantly ease pressure on global fuel prices.