Oil prices climb as traders weigh Saudi supply risk, Russian diesel flow
USO•Brent crude rose 0.8% to $106.58 a barrel and U.S. West Texas Intermediate gained 0.9% to $94.94 as traders weighed supply risks from fighting involving Saudi Arabia against the prospect of increased Russian diesel exports.
1. Prices rise on supply concerns
Brent crude futures rose 89 cents to $106.58 a barrel and U.S. West Texas Intermediate futures gained 80 cents to $94.94 by 0030 GMT. A strategist said supply concerns tied to fighting between Yemen’s Houthis and Saudi Arabia were driving prices higher, while expected increases in Russian diesel exports could limit sharp moves.
2. Regional supply developments
Saudi Arabia’s energy ministry said the Houthis attacked an administrative building belonging to state-owned Saudi Aramco in Dhahran, causing a limited fire. The article also said Saudi Arabia raised oil production last month despite shipment disruptions, while Russia said it saw no direct link between peace talks with Ukraine and its diesel export deal with the United States.
