Oil Holds Gain on Heightened Middle East Risks
Crude oil held around $99 per barrel on Friday, trading near its highest level in five weeks as escalating Houthi attacks on Saudi targets and reports of possible renewed US strikes against Iran raised supply risks in the Middle East. Iran-backed Houthi militants in Yemen claimed responsibility for recent attacks on Saudi Arabia’s Red Sea port of Yanbu, along with deadly strikes targeting an oil field and an airport in the world's largest crude oil exporter. Meanwhile, US and Israeli militaries have reportedly drawn up plans for renewed attacks after next month’s midterm elections, with Iran’s energy infrastructure likely to be a key target. Despite escalating regional tensions and threats to shipping through the Strait of Hormuz, crude exports from the Persian Gulf have rebounded close to prewar levels. In Europe, Ukraine intensified its attacks on Russian refineries this week amid a US-Russia agreement involving diesel supplies.
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Crude oil held around $99 per barrel on Friday, trading near its highest level in five weeks as escalating Houthi attacks on Saudi targets and reports of possible renewed US strikes against Iran raised supply risks in the Middle East. Iran-backed Houthi militants in Yemen claimed responsibility for recent attacks on Saudi Arabia’s Red Sea port of Yanbu, along with deadly strikes targeting an oil field and an airport in the world's largest crude oil exporter. Meanwhile, US and Israeli militaries have reportedly drawn up plans for renewed attacks after next month’s midterm elections, with Iran’s energy infrastructure likely to be a key target.
Despite escalating regional tensions and threats to shipping through the Strait of Hormuz, crude exports from the Persian Gulf have rebounded close to prewar levels. In Europe, Ukraine intensified its attacks on Russian refineries this week amid a US-Russia agreement involving diesel supplies.