Oil Prices Head for Second Weekly Loss Despite Fresh Middle East Attacks
Crude oil prices were on course to book their second week of losses today, after two consecutive days of gains on news from the Middle East. At the time of writing, Brent crude was trading at $95.87 per barrel, with West Texas Intermediate at $88.49 per barrel. These price levels are a sharp decline from the peaks hit in mid-October, but are still significantly higher than what Brent crude and…
Oil prices are set to record their second week of decline, following two days of gains due to Middle Eastern events. Currently, Brent crude is at $95.87 per barrel, while West Texas Intermediate is at $88.49 per barrel. This represents a noticeable drop from the mid-October highs, although still a considerable distance above the levels seen in February prior to the war.
The situation regarding the conflict remains uncertain. Escalation seems likely, but unlikely to be severe. Iranian attacks on tankers persist in the Strait of Hormuz, and prospects for a peace agreement appear slim, following President Trump's recent statements. Iran may not be willing to negotiate on their conditions, and it is apparent that they are not relenting either.
The issue remains unresolved. In Saudi Arabia, the Yemeni Houthi rebels continue their attacks, including energy infrastructure such as a pumping station and a facility in Yanbu. Despite this, Saudi oil output has recovered to 10.56 million barrels daily last month, essentially matching pre-war levels. Aramco has indicated plans to increase production further before the year ends.
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