Oil Prices Head for Fourth Monthly Gain as Middle East Tensions Escalate
Houthis Claim Fresh Strikes on Saudi Oil Refineries and Aramco Facilities What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Crude oil prices were set for another weekly gain today, also extending their monthly rise to four months in a row amid continued fears of escalation in the Middle East and Houthi attacks on Saudi infrastructure.
At the time of writing,Brent crudewas trading at $116.56 per barrel, withWest Texas Intermediateat $103.35 per barrel ahead of the November 3rdU.S.
President Trump has suggested repeatedly that the U.S.
could resume strikes against Iran after the elections.
and Israel are coordinating on those strikes, further fueling expectations of a return to hostilities.
According toReuters, Brent crude has booked gains of 11% this month alone, with WTI adding even more, at 14%.
Since the end of June, Brent has gained over $40 per barrel, and WTI has gone up by some $34 per barrel.
Meanwhile, reports of attacks on tankers in the Strait of Hormuz continue at a steady pace, contributing to the bullish sentiment on oil markets.
A freshreportabout Houthi attacks on Saudi oil facilities has also reinforced that sentiment.
“Continued kinetic action around the Strait of Hormuz amidst doubts of a viable diplomatic pathway are keeping oil prices elevated in expectation of an escalation of the conflict in coming weeks,” MST Marquee’s head of energy research, Saul Kavonic, said as quoted by Reuters earlier today.
These concerns have countered a steady stream of reports about recovering oil flows out of the Persian Gulf.
“For now, crude exports from the region have proved relatively resilient, helped by alternative routes and logistical adjustments.
| 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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