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Brent Approaches $107 Amid Middle East Tensions
Crude oil futures for Brent edged close to $107 per barrel, as tensions in the Middle East escalated following an attack on a Saudi Aramco administrative building and missile and drone intercepts in Saudi Arabia. In addition, attacks on ships in the Strait of Hormuz continued. Meanwhile, West Texas Intermediate (WTI) hit nearly $95 per barrel amid security developments in Saudi Arabia, Yemen, and the Strait of Hormuz, which contributed to a rise in global oil prices. Saudi Arabia announced that a fire broke out at the Aramco building in Dhahran, with no casualties reported, while four people were injured in Riyadh due to shrapnel from intercepted missiles, and 15 homes were damaged. OPEC also lowered its forecast for global oil demand growth for the sixth consecutive month amid ongoing security tensions, disrupted supplies, and accusations from Washington that Iran is collaborating with the Houthis to drive up oil prices ahead of the US elections.
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