Oil nears $100 after Saudi attacks
Oil prices are approaching $100 per barrel after Saudi Arabia suspended some operations at energy facilities near its border with Yemen, following Houthi attacks targeting cities in southern Saudi Arabia. Brent crude rose to $98.25 per barrel, its highest level since July, while West Texas Intermediate increased to $93.70. According to officials, the attacks led to stoppages at several facilities in southern Saudi Arabia. Ongoing tensions in the Middle East and worsening supply disruptions are heightening the likelihood of continued price increases, with forecasts suggesting that production levels could return to pre-war levels by late 2026 or early 2027. Goldman Sachs has raised its oil price forecasts to between $80 and $85 in December 2023 and to $75–$80 in 2027, amid ongoing shipping disruptions and potential sanctions.
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