Oil gains on renewed supply fears
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 per cent, at $106.56 a barrel by 1:25pm ET (1725 GMT). US West Texas Intermediate crude gained $1.46, or 1.55pc, to $95.60, touching a three-week high. Attacks on ships…
Oil prices climbed on Wednesday after the Houthis targeted Saudi Aramco's headquarters and Iran declared deployment of fresh tactics to keep fuel costs elevated. Brent crude futures climbed 87 cents, or 0.82 percent, to $106.56 a barrel by 1:25pm ET (1725 GMT). US West Texas Intermediate crude increased $1.46, or 1.55 percent, to $95.60, reaching a three-week peak.
Analyst Phil Flynn of the Price Futures Group noted that market fears are driving up oil prices. "We're observing a significant amount of fear trading today," he commented. Iran did not disclose specifics of its new strategy to target ships, but a source said the country initiated different offensive tactics approximately ten days ago.
Gulf oil exports, excluding Iran, rose in September to over 81 percent of prewar levels, primarily due to a recovery in Saudi exports. Iranian exports halted as a result of a US blockade.
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