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 experienced an upward trend on Wednesday following the Houthis' attack on Saudi Aramco's headquarters. Additionally, Iran announced its deployment of new tactics aimed at targeting ships to maintain high oil prices. Brent crude futures saw an increase of 87 cents, or 0.82%, reaching $106.56 per barrel by 1:25 p.m. EST. U.S. West Texas Intermediate crude also gained $1.46, or 1.55%, to $95.60, marking a three-week high.
Analyst Phil Flynn from the Price Futures Group explained that the market is experiencing "a lot of fear trade" today. Iranian officials, however, were reluctant to disclose details about the new strategy to target ships. They revealed that Iran had begun using different offensive tactics approximately 10 days prior. Gulf oil flows, excluding Iran, surged in September to surpass 81% of prewar levels, primarily driven by a recovery in Saudi exports.
Conversely, Iranian exports plummeted to zero due to a U.S. blockade. Despite the influx of crude into international markets, it does not necessarily indicate an increase in oil production, according to Saxo.
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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