Oil prices spiked on Tuesday, climbing back toward recent highs as headlines from the Middle East — in particular, Saudi Arabia — intensified growing pressure on the physical market.
Futures on Brent crude (BZ=F), the international benchmark, picked up more than $2.80 to cross back over $108.50 a barrel and approach the $109 mark seen on Monday. Meanwhile, those on US benchmark WTI crude (CL=F) jumped by roughly $3.50 to trade above $104.50.
Worries about oil exports from the Persian Gulf continued to grow on Tuesday, with Saudi Arabia in focus as market watchers attempt to ****** s damage to the kingdom's oil infrastructure, critical to moving oil out of the Persian Gulf while the Strait of Hormuz remains wracked by the US-Iran conflict.
Saudi Arabia has faced a series of attacks on critical energy infrastructure from the Yemeni Houthi militia group and other Iran-backed proxy forces operating in Iraq, the most pressing of those being strikes that over the weekend forced Saudi authorities to shutter the kingdom's East-West pipeline.
The East-West line carries oil to the port of Yanbu on the Red Sea, where it is loaded onto tankers that can take oil south through the Bab el-Mandeb Strait, which runs along Yemen, or north to the Suez Canal and the adjacent SUMED pipeline to the Mediterranean Sea.
#gulf
Futures on Brent crude (BZ=F), the international benchmark, picked up more than $2.80 to cross back over $108.50 a barrel and approach the $109 mark seen on Monday. Meanwhile, those on US benchmark WTI crude (CL=F) jumped by roughly $3.50 to trade above $104.50.
Worries about oil exports from the Persian Gulf continued to grow on Tuesday, with Saudi Arabia in focus as market watchers attempt to ****** s damage to the kingdom's oil infrastructure, critical to moving oil out of the Persian Gulf while the Strait of Hormuz remains wracked by the US-Iran conflict.
Saudi Arabia has faced a series of attacks on critical energy infrastructure from the Yemeni Houthi militia group and other Iran-backed proxy forces operating in Iraq, the most pressing of those being strikes that over the weekend forced Saudi authorities to shutter the kingdom's East-West pipeline.
The East-West line carries oil to the port of Yanbu on the Red Sea, where it is loaded onto tankers that can take oil south through the Bab el-Mandeb Strait, which runs along Yemen, or north to the Suez Canal and the adjacent SUMED pipeline to the Mediterranean Sea.
#gulf
2 months ago
