Brent climbs near $100/bbl after Iran threat to Gulf energy infrastructure
Oil prices extended gains on Tuesday, with Brent crude holding above $97 a barrel, as investors weighed risks of further disruption to Middle East energy supplies after Iran warned that oil and gas infrastructure across the Gulf could be targeted in retaliation for attacks on its assets. Brent Oil Futures expiring in November were up ...
Gulf markets saw modest gains on Tuesday as geopolitical tensions between the United States and Iran persisted. Traders were cautious, fearing a prolonged standoff, with Tehran threatening the U.S. with "economic warfare" and claiming an attack on American warships. Saudi Arabia's benchmark index rebounded from early losses to end 0.1% higher, with Al Rajhi Bank and Saudi Aramco leading the gains.
Oil prices rose, with Brent crude futures increasing 1.68% to $98.63 a barrel. Energy facilities in Saudi Arabia were temporarily shut down following Houthi strikes that injured 73 people. Analysts noted that developments in the Strait of Hormuz and any signs of de-escalation would be crucial for regional markets, as geopolitical strains could negatively impact sentiment, while diplomatic progress would be positive.
Qatar's index rose 0.7%, driven by a 0.7% increase in the country's largest lender, while Dubai's main share index climbed 0.3%. The UAE is preparing backup export routes to mitigate the impact of the trade standoff, according to a UAE presidential adviser. Egypt's blue-chip index declined 0.8%, with Commercial International Bank falling 1.1%.
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