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Oil prices soar over 4% to 16-week high after Saudi strikes
Yahoo Finance • • business
Key Points:
- Oil prices surged over 4% to a 16-week high due to new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East, raising concerns over global energy supply.
- Brent crude rose to $109.29 per barrel and U.S. West Texas Intermediate (WTI) crude reached $104.26, both nearing their highest closes since May 19.
- Yemen's Iran-backed Houthis launched missile and drone attacks on a Saudi military airbase, while a recent attack knocked out Saudi Arabia's east-west pipeline, threatening up to 4% of global oil supply.
- The disruption forced reliance on Saudi oil storage estimated to cover only five to seven days of exports, with concerns rising if the supply interruption extends beyond that period.
- U.S. diesel futures hit near-record highs amid refinery outages and geopolitical tensions, with U.S. President Trump urging Ukraine to halt attacks on Russian diesel infrastructure to ease global fuel shortages.
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