NEW DELHI/SINGAPORE: Oil prices edged lower on Monday as rising Middle East crude exports and a release of oil stocks by the Group of Seven nations boosted supplies, offsetting concerns about further damage to Gulf oil infrastructure amid the US-Israeli war…
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Oil prices climbed more than 1 percent on Wednesday after an attack on a refinery in Saudi Arabia renewed concerns around supply risks from the major exporter. Brent crude futures gained $1.59, or 1.4 percent, to $115.47 a barrel as of 07:35 a.m. Saudi time.
Oil prices rose in early Wednesday trading after Yemeni Houthi militants claimed to have struck Saudi Arabia’s biggest refinery and Abha International Airport, raising concerns about potential supply disruption.
Saudi Arabia is moving to strengthen its grip on Asian energy markets by storing crude oil in Singapore from the second half of 2027, according to Energy Minister and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman.
Saudi Aramco is investing in oil storage as it seeks to offer stronger operational resilience in the event of future energy shocks like those experienced this year.
