The Commodities Feed: Attacks on Saudi Arabia fan oil supply worries
Energy – Kuwait pumping more than 2m b/d Oil prices remain well bid, with ICE Brent back above $110/bbl this morning following additional deadly attacks on Saudi Arabia. Drones struck the Shaybah oilfield and Dammam’s international airport. An oil processing plant was the target of the attack. Saudi Arabia’s energy ministry said production hasn’t been ...
Crude oil prices surged on Thursday as the Houthis escalated their attacks on Saudi Arabia. The Houthis intensified their assaults, targeting the Shaybah oilfield, Dammam's international airport, and an oil processing plant. Despite the attacks, Saudi Arabia's energy ministry stated that production had not been affected. Oil market participants noted the market's continued appetite for oil, with Brent futures trading above $110 a barrel and WTI futures at $98.52, both up by over 1.4%.
The surge in oil prices also prompted the US State Department to order the departure of non-emergency US government personnel from Saudi Arabia. This development could indicate a lack of progress in West Asian tensions and potentially further escalation. Meanwhile, the US Energy Information Administration reported a decline in crude oil inventories in the US for the week ending October 16, with commercial crude oil inventories decreasing by 3.1 million barrels to 412.5 million barrels, and gasoline inventories dropping by 3 million barrels to 412.5 million barrels.
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- Crude oil futures rise as Houthis intensify attacks on Saudi Arabia thehindubusinessline.com
- WTI rises above $97.50 due to drone attacks on Saudi, Russia fxstreet.com