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Oil Prices Surge as Middle East Attacks Continue and Diplomacy Stumbles
Brent and WTI rose about 3% as traders priced in risks to roughly 4% of global oil supply after fresh attacks and delayed talks.
- On Monday, oil prices jumped roughly 3% in early Asian trading as fears of extended supply disruptions mounted amid continued Middle East attacks and stalled diplomatic talks.
- Drone strikes launched from Iraq last week forced closure of Saudi Arabia's East-West Pipeline, with Houthis claiming a large-scale attack over the weekend on a military base in Sharurah.
- Traders are concerned that up to 4% of global oil supply could be lost if the pipeline is not reopened within days, with WTI futures trading at $102.2 per barrel, 2.16% higher, and Brent futures at $106.8 per barrel, up 2.14%.
- Oman's Foreign Minister Badr Albusaidi announced Monday the postponement of a planned meeting between Gulf states and Iran due to lack of consensus, marking the first GCC-Iran diplomatic gathering since the war began.
- Houthis reached strategically significant Perim Island last week, positioning themselves to monitor and potentially mine the Red Sea waterway, while reports indicate an Iranian cargo vessel was struck off Qeshm Island early Sunday.
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Diplomatic efforts in the Middle East have stalled after Oman postponed talks between Iran and Gulf states, as two of the world's most important oil shipping routes were hit by fresh attacks and oil prices surged above $100 a barrel, Reuters reports.
·Budapest, Hungary
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Middle East diplomacy falters as oil supply fears deepen
Middle East diplomacy appeared to falter heading into Monday with the postponement of a meeting between Iran and other Gulf powers, while attacks around the region’s two most important oil transit routes deepened concern over global energy supplies. Oil prices jumped more than 3% on Monday, following Houthi strikes on the world’s biggest exporter Saudi […]
·Nicosia, Cyprus
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Global oil worries intensify as new attacks in the Middle East could send Brent to $120
·Marousi, Greece
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Total News Sources42
Leaning Left3Leaning Right7Center5Last UpdatedBias Distribution47% Right
Bias Distribution
- 47% of the sources lean Right
47% Right
L 20%
C 33%
R 47%
Factuality
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