Global oil prices rose after a drone attack on the Shaybah oil field in Saudi Arabia, which killed 2 people. The incident heightened concerns about new disruptions to energy supplies amid the escalating conflict in the Middle East. Bloomberg reported this, UNN writes.
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West Texas Intermediate (WTI) crude rose to nearly $98 per barrel, while the price of benchmark Brent exceeded $110 during trading.
A drone attacked the Shaybah oil field, which is owned by the state-run company Saudi Aramco. Despite the deaths of 2 people, production operations at the site were not affected. At the same time, the United States ordered the evacuation of some employees of its diplomatic missions in Saudi Arabia and their family members.
War in the Middle East drives up oil prices
Since the beginning of the year, Brent has risen by nearly 80% due to disruptions in oil supplies from the Persian Gulf amid the war between the United States and Iran, which has been ongoing for 9 months.
Recently, oil exports from the region began to recover and approached pre-war levels. In particular, Kuwait has already restored supply volumes to the level it had before the conflict began.
However, the situation remains unstable. Iran has intensified attacks on shipping in the Strait of Hormuz, while Iran-backed Houthis continue to launch strikes against Saudi Arabia.
According to Bloomberg, the risk of further military escalation is preventing oil prices from falling, despite the gradual recovery of exports from the Persian Gulf countries.