Oil Prices Jump 2% on Saudi Attacks as OPEC Sees Demand Rebound
Oil prices climbed to their highest levels in nearly two weeks on Monday morning as fresh attacks on Saudi Arabia and oil tankers near the Strait of Hormuz put Middle East supply risks back at the center of the market, outweighing President Donald Trump's announcements of additional Russian diesel supplies and a Russia-Ukraine energy ceasefire. West Texas Intermediate was trading at $93.78 per…
Oil prices surged to their highest levels in nearly two weeks on Monday morning, driven by attacks on Saudi Arabia and oil tankers near the Strait of Hormuz, overshadowing President Trump's announcements of additional Russian diesel supplies and a Russia-Ukraine energy ceasefire. West Texas Intermediate was trading at $93.78 per barrel, up $1.93 or 2.10% from the previous close, while Brent crude rose $2.09 or 2.00% to $106.80 per barrel.
The renewed buying followed a weekend of attacks on Saudi Arabia, including a Houthi strike on Riyadh's international airport and further attacks on Sunday, while two tankers were struck near Oman and the Strait of Hormuz, threatening to interrupt the recovery in Gulf oil exports, which reached 81% of prewar levels in September.
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