Business

Brent crude steadies after surge above $103

SINGAPORE / RankWire.AI / – Oil prices traded near $102 a barrel on Monday after an early jump pushed Brent above $103. Brent crude futures stood at $102.30 a barrel at 0900 GMT, up 5 cents. U.S. West Texas Intermediate crude traded at $90.62, down 49 cents, or 0.5%. Prices had moved higher earlier as fresh security concerns focused attention on Saudi energy sites and regional shipping routes. The early rally later faded as recovering regional exports and planned emergency stock releases added supply to the market.

Brent crude steadies after surge above $103
Middle East crude exports and shipping risks continue to influence global oil prices.

Brent touched $103.06 a barrel during early Asian trading, gaining 81 cents, or 0.79%. WTI rose 46 cents, or 0.50%, to $91.57 before giving up those gains. Yemen’s Iran-backed Houthis said they launched ballistic missiles and drones at Saudi Aramco facilities in Riyadh and Khurais. The claim added to market concern over attacks affecting energy infrastructure and commercial shipping in the Middle East.

The Group of Seven also moved to add emergency petroleum supply to the market. G7 governments agreed to release 100 million barrels of crude, diesel and other petroleum stocks through the International Energy Agency. The release will extend over four months. A large share of the diesel component will enter the market during the first 20 days. The decision comes after months of disruption to crude flows, fuel supplies and shipping across major regional routes.

Regional crude shipments rise despite persistent security threats

Middle East crude exports strengthened in September even as attacks continued around key maritime corridors. Kpler and Vortexa data showed average regional exports near 18.3 million barrels per day during the month. Shipments reached about 18.6 million barrels per day on several days. Those levels exceeded volumes recorded before the latest conflict. Saudi Arabia increased exports through Gulf and Red Sea routes, while Iraqi tanker traffic also improved.

The Strait of Hormuz remains one of the world’s most important energy passages. The route normally carries close to one-fifth of global crude oil and liquefied natural gas traffic. Commercial vessels have faced repeated attacks in Gulf waters and nearby shipping lanes during the conflict. Freight and insurance costs have also risen sharply. Those increases have lifted the cost of transporting Middle East crude to major refining centers, especially across Asia.

Saudi crude pricing shifts as emergency supply enters market

Saudi Aramco cut November crude prices for Asian customers while raising prices for northwest Europe and the Mediterranean. The company priced Arab Light for Asia at $5 a barrel below the Oman and Dubai benchmark average. That marked a $3 reduction from October. It was also the widest discount for the grade since June 2020. Saudi Aramco also lowered heavier crude grades for Asia, while U.S. customer prices stayed unchanged.

Monday’s trading showed a market balancing stronger regional exports against continuing risks to production and shipping. Brent remained above $100 at 0900 GMT despite the G7 stock release and higher September shipments. WTI stayed below $91 after reversing its early advance. Oil traders also faced changing Saudi pricing, higher freight costs and shifting emergency inventories. Security conditions around major Middle East export corridors remained a central factor in global crude pricing.

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