Oil inches higher, stays near six-month highs on Saudi attacks
USO•Brent rose 49 cents to $117.21 a barrel, while U.S. West Texas Intermediate fell 35 cents to $102.92, as attacks on Saudi Arabia kept investors wary. Diplomatic efforts to ease regional tensions resumed.
1. Prices and attacks
Oil prices edged higher after falling more than $2 a barrel on Monday, remaining near six-month highs as attacks on key producer Saudi Arabia kept investors wary. Brent crude futures rose 0.4% to $117.21 a barrel, while U.S. West Texas Intermediate crude futures fell 0.34% to $102.92. A Saudi-led coalition said it destroyed three drones targeting Riyadh and southern regions.
2. Diplomatic efforts
Qatari mediators traveled to Tehran to seek ways to ease regional tensions, and officials from Saudi Arabia, Turkey and Pakistan were due to meet Iranian officials there. Egypt's parliament authorized President Abdel Fattah al-Sisi to take “all necessary measures” to help Saudi Arabia defend itself.
3. Supply concerns
October was the worst month for attacks on commercial shipping in the Strait of Hormuz and nearby waterways, data compiled by the Washington Institute for Near East Policy showed. Saudi Aramco plans to start storing crude in Singapore in the second half of 2027. U.S. Strategic Petroleum Reserve crude stocks fell to 282.6 million barrels, their lowest level since October 1982, the Department of Energy said.
