Oil Price: Brent Rises to the Highest Level in Five Months
A barrel of North Sea oil costs more than $110 again. This is due to the Houthi rebels' attacks on targets in Saudi Arabia. However, attacks on ships in the Middle East are also increasing again.
Düsseldorf - The price of Brent oil continues to rise, reaching a five-month high of nearly $112 per barrel on Tuesday. This represents a 2.2% increase, marking the highest price in five months. Compared to the mid-August low of $85, Brent oil has increased by nearly 30%. However, the current price is still well below the annual peak of $126 reached in April.
The rise is attributed to attacks on oil infrastructure in Saudi Arabia by the Houthi rebels and reports of attacks on ships in the Middle East. These incidents pose a risk to oil production and transportation, leading to a higher risk premium in the market. The Houthi rebels, allied with Iran, claimed responsibility for multiple attacks on Saudi energy facilities, airports, military targets, including a facility operated by the major company Aramco in Yanbu, the Shaybah oil field, the King Khalid International Airport in Riyadh, and the Abha Airport.
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