Oil prices gain on attacks in Saudi Arabia, Iran's new tactics to target tankers
NEW YORK — Oil prices rose on Wednesday after the Houthis attacked Saudi Aramco's headquarters and Iran said it was deploying new tactics to target ships and keep oil prices high. Brent crude futures were up 87 cents, or 0.82 percent, at $106.56 a barrel by 1:25 p.m. ET (1725 GMT). U.S. West Texas Intermediate crude gained $1.46, or 1.55 percent, to $95.60, touching a three-week high. Attacks on…
Oil prices increased on Wednesday following the Houthis' assault on Saudi Aramco's headquarters and Iran's announcement of new tactics aimed at targeting ships to maintain high oil prices. Brent crude futures climbed 87 cents, or 0.82 percent, to $106.56 a barrel, while U.S. West Texas Intermediate crude surged $1.46, or 1.55 percent, to $95.60, reaching a three-week peak.
Analyst Phil Flynn from the Price Futures Group noted that the market is experiencing significant fear, driving up oil prices. Iranian authorities have not revealed specifics about the new strategy to target ships, but a spokesperson stated that Iran began deploying different offensive tactics around 10 days ago. Gulf oil flows, excluding Iran, rose to over 81 percent of prewar levels in September, driven by a recovery in Saudi exports. However, Iranian exports dropped to zero due to a U.S. blockade.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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