Oil rises 2% after attacks in Saudi Arabia — OilPrice

Oil prices in Saudi Arabia and on the global market rose on Monday to their highest level in nearly two weeks after new attacks on the kingdom and tankers near the Strait of Hormuz. According to OilPrice, the price of U.S. WTI crude stood at $93.78 per barrel in the morning, up $1.93, or 2.1%. Brent rose by $2.09, or 2%, to $106.80 per barrel.

Attacks in Saudi Arabia and near the Strait of Hormuz

The rise in quotations came after attacks over the weekend. In particular, the Houthis struck Riyadh International Airport on Saturday: according to OilPrice, 13 people were killed and more than 300 were injured. Further attacks and strikes on two tankers near Oman and in the Strait of Hormuz were also reported on Sunday.

Attacks on vessels could hinder the recovery of oil exports from the Persian Gulf. In September, they reached 81% of the pre-war level. Shipments of crude oil and condensate recovered to 91%, while exports of petroleum products remained at 60%.

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OPEC revised its demand expectations

OPEC Secretary General Haitham Al Ghais said the organization expects global oil demand to grow by only 400,000 barrels per day in 2026. At the beginning of the year, the forecast projected an increase of 1.4 million barrels per day. At the same time, the new estimate is slightly higher than the September forecast, when OPEC expected growth of 380,000 barrels per day.

OPEC expects that part of the demand postponed because of this year's disruptions will return in 2027. The International Energy Agency, in turn, forecasts a decline in global oil consumption of 2.5 million barrels per day in 2026 and a recovery of 2.6 million barrels per day in 2027. Goldman Sachs raised its December forecast for Brent from $85 to $90 per barrel, estimating the geopolitical risk premium at more than $20 per barrel.