Brent crude rose to around $108.5 a barrel on Tuesday, its highest level in four months, after Saudi Arabia reportedly cancelled some shipments following drone attacks that forced the closure of its key export pipeline. Saudi Arabia reportedly informed European customers that some September deliveries were cancelled, while oil loadings at Yanbu were suspended. Meanwhile, Iran-backed Houthi militants renewed strikes on Saudi Arabia this week.
Security in the Strait of Hormuz remains volatile, with at least two tankers attacked since Saturday. Commodity vessel traffic through the strait fell to four on Monday from 10 a day earlier, Kpler data showed. In Libya, the national oil company suspended operations at two oilfields and a pumping station amid protests. Russia also struck petrol stations in Kyiv and Ukraine targeted a Russian oil refinery, despite US President Trump’s announcement that both sides had agreed to halt attacks on each other’s energy infrastructure.
