As Saudi Aramco headquarters was attacked, the Middle East conflict further escalated, market uncertainty about the prospects for the restoration of energy supply in the Persian Gulf increased, and oil prices rose slightly. Brent crude rose to around $106 per barrel on Tuesday, while WTI crude approached $95. The Iran-backed Houthis launched missile and drone attacks on Saudi territory, targeting several cities in eastern Saudi Arabia and Saudi Aramco office parks. As the US-Iran war continues to disrupt the energy market, Brent crude has risen by more than 70% this year. Risks further escalated after the Houthis attacked Riyadh's main airport last week; at the same time, Saudi-backed forces launched an operation to recover rebel-controlled areas in Yemen. Attacks on ships in the Strait of Hormuz have also prompted more supertankers to avoid the Persian Gulf. Morgan Stanley analyst Martijn Rats and others said in the report: “Crude oil exports continue, but related uncertainty remains high.” The bank raised its spot Brent crude oil price forecast for the current quarter and the next by 5 US dollars/barrel. “Meanwhile, attacks on Saudi infrastructure have increased.”
Zhitongcaijing · 2d ago
Share
Listen to the news
As Saudi Aramco headquarters was attacked, the Middle East conflict further escalated, market uncertainty about the prospects for the restoration of energy supply in the Persian Gulf increased, and oil prices rose slightly. Brent crude rose to around $106 per barrel on Tuesday, while WTI crude approached $95. The Iran-backed Houthis launched missile and drone attacks on Saudi territory, targeting several cities in eastern Saudi Arabia and Saudi Aramco office parks. As the US-Iran war continues to disrupt the energy market, Brent crude has risen by more than 70% this year. Risks further escalated after the Houthis attacked Riyadh's main airport last week; at the same time, Saudi-backed forces launched an operation to recover rebel-controlled areas in Yemen. Attacks on ships in the Strait of Hormuz have also prompted more supertankers to avoid the Persian Gulf. Morgan Stanley analyst Martijn Rats and others said in the report: “Crude oil exports continue, but related uncertainty remains high.” The bank raised its spot Brent crude oil price forecast for the current quarter and the next by 5 US dollars/barrel. “Meanwhile, attacks on Saudi infrastructure have increased.”
Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.
What's Trending