Oil rises as Saudi Airport and tanker attacks stoke supply fears
Brent crude nears US$105 a barrel, while West Texas Intermediate trades around US$92
Oil prices climbed on Monday as renewed attacks on Saudi Arabia's main airport and a fresh tanker assault near the Strait of Hormuz heightened concerns that escalating hostilities could strain global oil supplies. Brent crude approached US$105 per barrel, while West Texas Intermediate hovered around US$92. King Khalid International Airport in Riyadh was struck again by Iran-backed Houthi militants, just a day after an attack that left 12 people dead.
A drone also targeted a tanker near Sohar anchorage in Oman, located outside the strait, according to UK Maritime Trade Operations. The global benchmark has risen over 70% this year as the US-Iran conflict persists without any clear resolution. Although Middle Eastern oil producers have largely restored exports through Hormuz close to their pre-conflict levels, the uptick in tanker attacks and mounting tensions in the region could jeopardize those flows.
President Donald Trump announced that Russia and Ukraine had reached an "energy ceasefire" effective immediately, crediting Ukrainian efforts to disrupt Russian refining capacity, which has already contributed to tighter global diesel supplies. Additionally, Hurricane Isaias, which left four people dead across three US states, prompted the Department of Energy to authorize an emergency exchange of up to 4 million barrels of crude from strategic reserves to mitigate potential supply disruptions.
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