Oil Gains on Saudi Oil Field Attack
Crude oil climbed toward $98 per barrel on Thursday, recouping losses from the previous session after a drone attack on Saudi Aramco’s Shaybah oil field killed two people. The incident underscored rising tensions in the Middle East and heightened concerns over further disruptions to energy supplies. The US has also ordered some personnel and family members to leave American embassies in Saudi Arabia. Meanwhile, Ukraine launched large-scale drone attacks on Russia this week, targeting critical oil infrastructure and signaling Kyiv’s intention to prevent Moscow from expanding diesel exports under an agreement between Presidents Trump and Putin. However, further gains in oil prices may be constrained by rising crude shipments from the Middle East, with export flows nearing prewar levels. Saudi Arabia’s crude exports increased by 7.9% in August, reaching their highest level since March. Russia is also expected to deliver its first diesel shipment to the US on Thursday.
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Crude oil climbed toward $98 per barrel on Thursday, recouping losses from the previous session after a drone attack on Saudi Aramco’s Shaybah oil field killed two people. The incident underscored rising tensions in the Middle East and heightened concerns over further disruptions to energy supplies. The US has also ordered some personnel and family members to leave American embassies in Saudi Arabia. Meanwhile, Ukraine launched large-scale drone attacks on Russia this week, targeting critical oil infrastructure and signaling Kyiv’s intention to prevent Moscow from expanding diesel exports under an agreement between Presidents Trump and Putin.
However, further gains in oil prices may be constrained by rising crude shipments from the Middle East, with export flows nearing prewar levels. Saudi Arabia’s crude exports increased by 7.9% in August, reaching their highest level since March. Russia is also expected to deliver its first diesel shipment to the US on Thursday.