Brent at $108: Gulf States Halt Hormuz Talks as Houthis Strike Saudi Airbase
Brent at $108: Gulf States Halt Hormuz Talks as Houthis Strike Saudi Airbase Gulf statescalled off Monday's planned meetingwith Iran on reopening the Strait of Hormuz the same day Yemen's Houthis fired dozens of missiles and drones at Saudi Arabia's King Khalid airbase in Khamis Mushait, calling it retaliation formore than 300 Saudi airstrikeson Yemen in five days.
A Friday drone attack Riyadh blamed on Iran-backed fighters in Iraq knocked out Saudi Arabia's East-West pipeline, the kingdom's only route around the blockaded strait.
The 7-million-barrel-a-day line feeds the Red Sea port of Yanbu, with traders telling Reuters its closure could cut off up to 4% of global oil supply if it stays down.
Yanbu hasfive to seven days ofoil left, unnamed sources told Reuters, and at least four Asian refiners havereceived no wordon loading schedules at a port that normally moves 4 million barrels a day.
Brentrose more than 3% when markets reopened Monday; WTI traded at $104.
diesel hit a new record above $6.23 a gallon, part of a run-up that has already cost U.S.
driversmore than $100 billionin extra fuel spending since the war began.
ING kept its fourth-quarter Brent forecast at $80, citing volumes still moving through Hormuz itself.
SetOilPrice.comas a preferred source in Googlehere.
The Houthis captured Perim Island, which splits Bab al-Mandeb in two, on Friday, thendeployed fighterson Greater and Lesser Hanish, 86 nautical miles north.
The strait carries 12% of global trade, including 11% of maritime oil and 8 percent of LNG.
Former State Department official David Schenker called simultaneous Iranian leverage over Hormuz and Bab al-Mandeb “the worst-case scenario … two of the leading energy choke points in the world.” Saudi Crown Prince Mohammed bin Salman met U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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