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Oil rose for a third straight day as the war in Ukraine neared the end of its first month with no end in sight, and Iranian-backed rebels attacked energy facilities in key exporter Saudi Arabia.
West Texas Intermediate climbed above US$108 a barrel, and the US benchmark has now rallied almost 14 percent since the close last Wednesday. Turkey said Moscow and Kyiv were moving closer in talks to achieve a cease-fire.
The global oil market has been pitched into turmoil following the conflict, with the US and Europe imposing sanctions on Moscow and crude buyers shunning the country’s cargoes. WTI topped US$130 a barrel earlier this month to hit the highest since 2008, before easing. Prices have seen unprecedented volatility, with frequent intraday swings of about US$10.
In the Middle East, Yemen’s Houthi rebels attacked at least six sites across Saudi Arabia late Saturday and early Sunday, including some run by oil giant Saudi Aramco.
The Iran-backed group targeted a fuel depot in Jazan in the southwest of the kingdom and a natural gas plant in the Red Sea city of Yanbu.
The Biden administration is stepping up its response to Russia. — Moneyweb.
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