Crude Oil Holds Near 4-Week High
Crude oil held near $101 a barrel on Monday, close to a four-week high after surging 10% last week, as renewed fighting across the Middle East heightened concerns over supply disruptions. Reports of a Saudi helicopter crash near the Yemen border, Houthi attacks on the key export hub of Yanbu and two tankers being struck in the Persian Gulf have cast doubt on the durability of the recovery in regional oil flows. US Energy Secretary Chris Wright said Gulf shipments had recovered to around 80% of pre-conflict levels, although refined-product exports remained constrained. Meanwhile, President Donald Trump said Washington agreed to a diesel export deal with Russia and waived tariffs and sanctions on its energy shipments to support peace talks over Ukraine. However, US lawmakers introduced legislation to block the purchases.
Crude oil held near $101 a barrel on Monday, close to a four-week high after surging 10% last week, as renewed fighting across the Middle East heightened concerns over supply disruptions. Reports of a Saudi helicopter crash near the Yemen border, Houthi attacks on the key export hub of Yanbu and two tankers being struck in the Persian Gulf have cast doubt on the durability of the recovery in regional oil flows. US Energy Secretary Chris Wright said Gulf shipments had recovered to around 80% of pre-conflict levels, although refined-product exports remained constrained.
Meanwhile, President Donald Trump said Washington agreed to a diesel export deal with Russia and waived tariffs and sanctions on its energy shipments to support peace talks over Ukraine. However, US lawmakers introduced legislation to block the purchases.