Brent rises amid Houthi claims of strikes on Saudi Arabia — OilPrice
In Saudi Arabia and on the oil market overall, concerns about the security of supplies from the Middle East supported Brent quotations. At the time OilPrice wrote, the price of Brent stood at $105.65 per barrel, compared with about $102 at the start of the week.
Meanwhile, U.S. West Texas Intermediate crude fell to $93.11 per barrel from about $98 at the start of the week. During the day, oil prices declined somewhat compared with Thursday’s market close, but Brent, according to the publication, remained on track for a weekly gain.
Claims of strikes on Yanbu
Yemen’s Houthis said on Thursday that they had launched a barrage of missiles and drones at targets in Saudi Arabia. Among the targets they named was the Red Sea port of Yanbu, which, according to OilPrice, has become the country’s main oil export terminal.
More current news is available on the UA.News Telegram channel Telegram.
The publication notes that these claims became one of the factors supporting oil quotations this week. The market is also reacting to risks to supplies from the region despite reports of a possible agreement between the United States and Iran, as well as assessments of oil flows through the Strait of Hormuz.
Reports of contacts between the United States and Iran
According to OilPrice, the United States and Iran are allegedly discussing a ceasefire. Under such a scenario, Iran could open the Strait of Hormuz in exchange for the United States lifting its naval blockade of the country. Iranian President Masoud Pezeshkian, quoted by Reuters, said that the United States must decide whether it wants to put an end to this.
Sparta Commodities senior oil market analyst June Goh believes that oil prices may remain above $100 per barrel due to the lack of a clear settlement and a widening gap in global oil inventories. KCM Trade chief market analyst Tim Waterer noted that diplomatic efforts on the sidelines of the UN are a counterweight to upward pressure on prices, but the market expects more convincing signs of lasting de-escalation.
