Brent Climbs Near $107 as Saudi Strikes Stir Supply Fears
Oil prices rose after Houthi strikes on Saudi Arabia heightened supply concerns, while uncertainty over a proposed Russia-Ukraine energy truce unsettled investors.
Key takeaways
- Brent crude rose 2% to $106.83 a barrel around 1330 GMT Monday.
- WTI gained 1.8% to $93.54 a barrel.
- Houthi strikes on Saudi Arabia heightened concerns about global supplies.
Brent crude rose 2% to $106.83 a barrel around 1330 GMT Monday, nearing $107, as Houthi strikes on Saudi Arabia heightened concerns about global supplies ahead of the northern hemisphere winter.
West Texas Intermediate gained 1.8% to $93.54 a barrel. Saxo UK strategist Neil Wilson said oil remained supported above $100, while efforts to secure an energy truce between Russia and Ukraine remained unclear.
Russia declined Monday to say whether it had agreed with Ukraine to halt attacks on energy infrastructure. The uncertainty followed US President Donald Trump’s announcement of an “energy ceasefire” and a deal to buy Russian diesel.
This article was produced with the help of AI technology. Source: Yahoo Finance
