Oil rises as deadly Saudi attacks fan Middle East supply fears
Strikes on Saudi Aramco’s Shaybah and the King Fahd International Airport in Dammam see casualties
Saudi Arabia's oil output rose as deadly attacks on key facilities fueled Middle East supply worries. The strikes on Aramco's Shaybah field and King Fahd International Airport in Dammam resulted in casualties, though operations remained unaffected. Houthi rebels from Yemen claimed attacks on the Saudi port of Yanbu in the past 48 hours, escalating regional tensions.
The US ordered the evacuation of some personnel from its embassies in Saudi Arabia, signaling escalating concerns about further conflict. Oil prices surged after news of the attacks, with Brent climbing 4% to near $113 a barrel, the largest gain in roughly two weeks, and West Texas Intermediate closing above $99. However, oil prices eased off their intraday highs as equities sold off, prompting investors to avoid risky bets.
Despite renewed oil exports reaching pre-conflict levels, concerns about security risks persist, with Iran targeting shipping in the Strait of Hormuz and backing Houthi militants in Saudi Arabia. Experts suggest that the market is still uncertain about the potential for further escalation following the November US midterm elections.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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