Crude Oil Hits One-Month High on Supply Concerns
Crude oil prices rose above $104 a barrel on Monday, reaching a more than one-month high after surging 10% last week, as renewed tensions in the Middle East heightened concerns over supply disruptions. A senior Iranian security official warned on Sunday that Tehran had prepared a new response plan in the event of renewed US-Israeli attacks, while maritime authorities reported several separate attacks on commercial vessels around the Arabian Peninsula. Meanwhile, Saudi Arabia intercepted several missiles over the Red Sea on Friday, including one headed toward the Yanbu oil export terminal. Iran-allied Houthi militants in Yemen also launched repeated attacks on Saudi Arabia last week. The seven-day moving average of oil flows through the Strait of Hormuz fell to just 8.5 million barrels per day, down from an estimated 20 million barrels per day the previous week.
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Crude oil prices rose above $104 a barrel on Monday, reaching a more than one-month high after surging 10% last week, as renewed tensions in the Middle East heightened concerns over supply disruptions. A senior Iranian security official warned on Sunday that Tehran had prepared a new response plan in the event of renewed US-Israeli attacks, while maritime authorities reported several separate attacks on commercial vessels around the Arabian Peninsula. Meanwhile, Saudi Arabia intercepted several missiles over the Red Sea on Friday, including one headed toward the Yanbu oil export terminal.
Iran-allied Houthi militants in Yemen also launched repeated attacks on Saudi Arabia last week. The seven-day moving average of oil flows through the Strait of Hormuz fell to just 8.5 million barrels per day, down from an estimated 20 million barrels per day the previous week.