Global Oil Prices Continue to Rise Amid Attacks on Shipping and Saudi Aramco
ISLAMABAD:Global oil prices continued to rise following attacks by Yemen’s Houthi movement on Saudi Aramco’s headquarters and Iran’s reported targeting of cargo ships, alongside its announcement of a new strategy aimed at keeping oil prices elevated.
According to foreign media reports, Brent crude futures rose by 37 cents, or 0.35 per cent, to settle at $106.06 per barrel.
US West Texas Intermediate (WTI) crude futures climbed by 95 cents, or 1.01 per cent, to $95.09 per barrel, marking their highest level in three weeks.
Phil Flynn, a senior analyst at Price Futures Group, said attacks on vessels passing through the Strait of Hormuz and exchanges of attacks involving Saudi Arabia and Iran-backed Houthi forces were contributing to the upward pressure on oil prices.
Iranian officials declined to provide details of the reported new strategy targeting commercial vessels. However, an official said Iran had begun using different tactics for attacks approximately 10 days earlier.
Meanwhile, oil shipments from Gulf countries, excluding Iran, increased significantly in September, exceeding 81 per cent of pre-war levels, according to the report.
The recovery of Saudi Arabia’s oil exports played a major role in the increase in regional shipments.
In contrast, a US blockade reportedly reduced Iran’s oil exports to zero, further complicating the outlook for global oil supplies.
The latest developments have heightened concerns over energy security and the stability of international oil markets, particularly because of the strategic importance of the Strait of Hormuz to global energy shipments.
Clarify the conflicting Saudi Arabia referencesAttribute disputed claims more consistently
