Oil prices exceed $99 amid Middle East tensions — OilPrice
Global oil market prices rose above $99 per barrel, reaching their highest level in three months. This occurred amid Houthi attacks on Saudi Arabia's energy infrastructure, U.S. strikes on Iranian oil tankers, and renewed tensions in the Middle East, OilPrice reports.
Attacks on energy facilities
According to the publication, Houthi missile and drone attacks led to the shutdown of several energy facilities in Saudi Arabia. OilPrice also reports new strikes on the Jazan refinery, which has a capacity of 400,000 barrels per day, and 73 people injured as a result of the attacks.
The publication notes that Israeli-Lebanese tensions have intensified again. Under these conditions, oil prices approached the $100-per-barrel mark.
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OPEC+ quotas
OPEC+ left production quotas for October 2026 unchanged after completing the phaseout in September of a voluntary production cut of 1.65 million barrels per day, OilPrice writes. The group shifted its focus to reviewing baseline production levels for 2027.
According to the publication, the conflict surrounding Iran has limited the ability of OPEC+ countries to increase production. Separately, OilPrice, citing reports, notes that Saudi Aramco delayed part of its September oil supplies to European buyers despite an increase in nominations to 1.3 million barrels per day. August loadings amounted to 2.2 million barrels per day.
