Oil Prices Surge as Middle East Attacks Continue and Diplomacy Stumbles
Brent and WTI rose about 3% as traders priced in risks to roughly 4% of global oil supply after fresh attacks and delayed talks.
- On Monday, oil prices jumped roughly 3% in early Asian trading as fears of extended supply disruptions mounted amid continued Middle East attacks and stalled diplomatic talks.
- Saudi Arabia's East-West Pipeline remains shut after drone attacks launched from Iraq last week, while Houthis claimed a large-scale missile and drone strike against a military base in Sharurah over the weekend.
- Traders are concerned that up to 4% of global oil supply could be lost if the pipeline is not reopened within days, with WTI futures trading at $102.2 per barrel, 2.16% higher, and Brent futures up 2.14% to $106.8 per barrel.
- Oman's Foreign Minister Badr Albusaidi announced Monday the postponement of a planned meeting between Gulf states and Iran, which would have been the first time top GCC diplomats sat with Iranian counterparts since the war began.
- Houthis gained territory in Yemen last week and reached strategically significant Perim Island, allowing them to monitor the Red Sea waterway, while reports indicate an Iranian cargo vessel was struck off Qeshm Island early Sunday.
30 Articles
30 Articles
Middle East diplomacy falters as oil supply fears deepen
Middle East diplomacy appeared to falter heading into Monday with the postponement of a meeting between Iran and other Gulf powers, while attacks around the region’s two most important oil transit routes deepened concern over global energy supplies. Oil prices jumped more than 3% on Monday, following Houthi strikes on the world’s biggest exporter Saudi […]
Global oil worries intensify as new attacks in the Middle East could send Brent to $120
The market has to digest bad news from the Middle East after the weekend. Oil prices continue to rise.
saarbruecker-zeitung.de
The market has to digest bad news from the Middle East after the weekend. Oil prices continue to rise.
Oil prices have once again increased markedly in view of the growing tensions in the Gulf region.
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