Oil prices surge on Hormuz shipping attacks and Middle East supply fears
Briefing by News4U · First published
Brent crude rose $1.32 to $110.11 a barrel near five-month highs after attacks on Gulf shipping and Saudi targets.
Oil prices rose more than $1 a barrel as attacks on shipping in the Strait of Hormuz and on Saudi targets raised supply disruption fears, with Brent crude futures climbing $1.32 to $110.11 and WTI gaining $1.18 to $99. [1] [2] [3]
At least 18 vessel attacks were recorded in two weeks, and Iran-aligned Houthis claimed strikes on a Saudi Aramco site, the Shaybah oilfield and airports in Riyadh and Abha. [3]
US crude stocks fell 4.9 million barrels last week, and Energy Department officials are working with refiners to boost fuel output. [3]
Sources
- Oil Rises As Hormuz Shipping Attacks Fuel Supply Fears
WSJ Markets · · Summary only
- Oil Prices Rise as Hormuz Shipping Risks Persist
WSJ Business · · Summary only
- Brent oil prices near 5-month high on supply fears
RTÉ Business · · Full text