WTI holds gains above $92.00 on persistent Middle East supply risks
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $92.05 during the early Asian trading hours on Tuesday. WTI price edges higher after a deadly attack on Saudi Arabia’s airport in Riyadh.
WTI, the US crude oil benchmark, is currently trading at $92.05 early on Tuesday. Following a deadly attack on Saudi Arabia's airport in Riyadh, traders are observing developments surrounding potential increased Russian diesel supplies and a possible Russia-Ukraine energy ceasefire. Saudi Arabia's coalition is facing another round of drone and missile attacks from Iran-backed Houthis.
Yemen's Armed Forces warn airlines, employees, and passengers to avoid travel due to unsafe airspace and airports. Houthi attacks killed at least 16 people in Riyadh, including a US citizen, and injured around 300. Tensions in the Middle East may cause WTI prices to rise in the near future. US President Donald Trump reported on Sunday that Russia and Ukraine agreed on an energy ceasefire and will stop attacking each other's energy facilities.
On Monday, US special envoy Jared Kushner mentioned that a deal allowing Russian diesel exports is part of a strategy to bring Russia back to negotiations after previous attempts failed to initiate sustained talks to end the war, according to Reuters. WTI price could be affected by increased Russian supplies expectations.
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