Oil prices rise 2% as attacks on Saudi Arabia overshadow Trump's diesel deal
Oil prices jumped by nearly $2 a barrel, climbing to near two-week highs as persistent Middle East conflicts and attacks on Saudi Arabia outweighed potential supply increases from US President Donald Trump announcing a Russia-Ukraine energy ceasefire and fresh Russian diesel exports. Brent crude futures rose $2.07, or 2%, to reach $106.79 a barrel, while US West Texas Intermediate crude increased by $1.69, or 1.8%, to $93.54 a barrel. The market gains came in response to regional violence that shattered recent trade normalization hopes in vital shipping corridors.
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- ✓ Brent crude futures rose $2.07, or 2%, to $106.79 a barrel by 1321 GMT on Monday, reaching their highest level since September 29.
- ✓ US West Texas Intermediate crude was at $93.54 a barrel, up $1.69, or 1.8%.
- ✓ The Iran-aligned Houthis claimed responsibility for a Saturday strike on Riyadh's international airport that killed 13 people and wounded more than 300.
- ✓ A tanker was struck by a drone near Oman's Sohar, and another vessel was damaged while transiting the Strait of Hormuz, according to the United Kingdom Maritime Trade Operations.
What changed
Oil markets rebounded from earlier losses and pushed higher as weekend strikes in Saudi Arabia and ongoing tanker attacks overshadowed expected supply boosts.
Live updates
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Oil Prices Rise as Saudi Attacks Overshadow Trump Diesel Deal
Oil prices jumped by nearly $2 a barrel, climbing to near two-week highs as persistent Middle East conflicts and attacks on Saudi Arabia outweighed potential supply increases from US President Donald Trump announcing a Russia-Ukraine energy ceasefire and fresh Russian diesel exports. Brent crude futures rose $2.07, or 2%, to reach $106.79 a barrel, while US West Texas Intermediate crude increased by $1.69, or 1.8%, to $93.54 a barrel. The market gains came in response to regional violence that shattered recent trade normalization hopes in vital shipping corridors.
Why it matters
The recent escalation threatens to disrupt global energy shipments following a fragile recovery in Middle East crude exports observed in September. Persistent tanker strikes in the Strait of Hormuz and drone attacks on Saudi infrastructure have heightened supply security fears. These geopolitical shocks directly counter downward pricing pressures initially triggered by diplomatic announcements concerning Russian energy output.
What is confirmed
- Brent crude futures rose $2.07, or 2%, to $106.79 a barrel by 1321 GMT on Monday, reaching their highest level since September 29.
- US West Texas Intermediate crude was at $93.54 a barrel, up $1.69, or 1.8%.
- The Iran-aligned Houthis claimed responsibility for a Saturday strike on Riyadh's international airport that killed 13 people and wounded more than 300.
- A tanker was struck by a drone near Oman's Sohar, and another vessel was damaged while transiting the Strait of Hormuz, according to the United Kingdom Maritime Trade Operations.
What to watch next
- Further developments in the Strait of Hormuz affecting crude tanker traffic and regional exports
- Additional official reports on infrastructure damage following the weekend strikes in Saudi Arabia
confidence 100%Sources used for this update (9)
- CNN — If the Strait of Hormuz is open, why are gas and diesel so expensive? | CNN Business
- CNBC — Oil falls after Trump declares 'energy ceasefire' between Russia and Ukraine
- Yahoo Finance — Oil climbs as Mideast conflict, tanker attacks persist
- Reuters — Oil prices fluctuate on Trump's Russian diesel comments, attacks on Saudi
- Yahoo Finance — Oil rises as Trump comments roil energy markets
- finance.yahoo.com — Oil prices rise on Saudi Arabia attacks, overshadowing Trump ...
- www.rte.ie — Oil up as attacks on Saudi Arabia overshadow diesel deal - RTÉ
- www.kitco.com — Oil prices rise as attacks on Saudi Arabia overshadow Trump's ...
- www.staradvertiser.com — Oil prices rise as Saudi attacks overshadow Trump’s diesel deal
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