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Oil stays above $100 per barrel
Oil prices remain steady above $100 per barrel amid a balance between rising exports from the Arabian Gulf region and the risks posed by geopolitical tensions and weather conditions, with ongoing security concerns in the area. Brent crude experienced a slight increase of 0.35%, reaching $100.93, while West Texas Intermediate rose by 0.17% to $89.59. Saudi Energy Minister announced that exports via the pipeline have increased to 5.8 million barrels per day. Meanwhile, approximately 12 million barrels of crude and 2 million barrels of refined products have departed from the region in recent days, amidst persistent security tensions and attacks on Saudi airports, as well as the impact of tensions between the United States and Iran. The first hurricane is expected to develop in the Gulf of Mexico within the next two days, potentially threatening oil and gas facilities that contribute 15% of U.S. oil production and 5% of natural gas output.
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