Oil inches higher, stays near six-month highs on Saudi attacks
NEW YORK — Oil prices inched higher after falling more than $2 a barrel on Monday, as persistent attacks on key producer Saudi Arabia kept investors wary and prices near six-month highs, even as diplomatic efforts to resolve the conflict in the Middle East resumed. Brent crude futures rose 49 cents, or 0.4 percent, to $117.21 at 12:51 p.m. ET (1637 GMT), while U.S. West Texas Intermediate crude…
Oil prices rose slightly on Tuesday, hovering near six-month peaks, despite ongoing attacks on a major oil producer. Brent crude futures climbed 49 cents, or 0.4%, to $117.21 per barrel, while U.S. West Texas Intermediate crude futures dipped 35 cents, or 0.34%, to $102.92 per barrel. Both benchmarks had previously surged on Friday, with Brent exceeding $3 higher to record a weekly gain of 6%, and WTI increasing 2.3% for the week.
Investors remained vigilant over the Middle East's escalating tensions, following reports that Iran-aligned Houthis in Yemen had targeted pumping stations on Saudi Arabia's East-West crude oil pipeline and Riyadh airport over the weekend. Saudi Arabia claimed to have intercepted additional missiles and drones, while a Saudi-led coalition reported destroying three drones aimed at Riyadh and the kingdom's southern regions. This development might potentially involve Egypt more directly.
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Also reported by 2 other outlets
- Oil inches higher, stays near six-month highs on Saudi attacks koreatimes.co.kr
- Oil prices fall by $2 but remain near six-month highs english.ajel.sa
