Oil prices fall by $2 but remain near six-month highs
Oil prices dropped by around $2 per barrel but stayed close to their highest levels in six months, according to market data.
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.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Oil inches higher, stays near six-month highs on Saudi attacks koreatimes.co.kr
