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U.S. crude rises on supply worries
U.S. oil prices rose by over 5% due to escalating attacks on energy facilities and ships in the Middle East, increasing the risks of supply disruptions. Brent crude surpassed $111 per barrel for the first time since May, while West Texas Intermediate exceeded $104.94, amid concerns over potential disruptions to transport through the Strait of Hormuz and expectations of declining U.S. oil inventories. The attacks, which targeted Aramco sites in Yanbu and the Shaybah field, led to higher shipping and insurance costs and increased geopolitical risk premiums, with the possibility that the situation will not calm down remaining high. The International Energy Agency is also considering emergency withdrawals from reserves if the crisis worsens.
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