Oil prices climbed on Wednesday as the market weighed supply constraints from a storm heading for US oil-producing regions and attacks by Yemen’s Iran-backed Houthis on Saudi Arabia against increased supplies of Middle East crude.
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Saudi Arabia’s non-oil private sector expanded for a seventh consecutive month in October, with output growth accelerating, although input cost inflation reached its highest level since June.
The Arab League condemned the attack on the liquefied natural gas (LNG) tanker Al Mayeda, owned by Qatar’s Nakilat, while sailing in the Arabian Gulf, the Saudi Press Agency reported Sunday.
Saudi Arabia condemned on Sunday the targeting of a Qatari liquefied natural gas tanker in the Gulf, calling for urgent international action to protect shipping and global energy supplies.
Yemeni Houthis have carried out further attacks on Saudi Arabia, pushing oil prices higher on Friday. The Iran-aligned militia said it had hit several Saudi Aramco facilities.
