Oil prices jump to five-month high as attacks threaten global supply
Summary
Oil prices reached a five-month high due to recent attacks in Saudi Arabia and damage to ships near the crucial Strait of Hormuz. These events raised fears of further interruptions to the global supply of crude oil.Key Facts
- Brent crude oil price rose 3% to $112 per barrel, the highest since May 18.
- Yemeni Houthis, aligned with Iran, attacked targets in Saudi Arabia, causing casualties at an airport and oilfield.
- The Iranian Revolutionary Guard Corps reported hitting vessels involved in illegal oil transfers and warned the U.S. about continued provocations.
- The U.S. is evacuating some diplomats and families from its missions in Saudi Arabia and the Middle East due to security concerns.
- Saudi Aramco instructed employees to leave its Dhahran headquarters and work remotely.
- Oil exports from the Persian Gulf have increased above pre-conflict levels due to pipelines bypassing the Strait of Hormuz.
- Global stock markets fell amid worries about inflation and rising borrowing costs linked to the geopolitical tensions.
- Oil prices had peaked at $126 per barrel in April and dropped to $71 in July before rising again after renewed conflict in the Gulf.
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