Brent touches five-month high near $112, then slips as Iran's president meets Pakistan's army chief
Oil prices fell back on Tuesday after Brent reached US$111.99 a barrel amid Houthi claims of attacks on Saudi energy sites, Reuters reported.
Brent crude futures fell 83 US cents, or 0.76%, to US$108.72 a barrel at 12:31pm New York time on Tuesday (4:31pm GMT Tuesday), after reaching US$111.99 earlier in the session, a five-month high, Reuters reported.
The expiring November contract for US West Texas Intermediate was down 70 cents at US$102.96, after a session high of US$110.48. The more active December contract was down 64 cents at US$97.90.
Reuters reported that traders were weighing a meeting in Tehran between Iranian President Masoud Pezeshkian and Pakistan’s army chief, Field Marshal Asim Munir, on mediation efforts, as reported by Iran’s Nournews. Yemen’s Houthis said on Monday they had attacked Saudi energy, airport and military sites, including an Aramco site in Yanbu and the Shaybah oilfield. Saudi authorities did not immediately confirm the claims, and Reuters said it could not independently verify them.
Shiptracker Kpler said at least 18 vessels were reportedly attacked over two weeks. “Oil prices remain well-supported,” ING analysts said in a note, adding that the market was pricing in a significant risk premium.
US Energy Secretary Chris Wright said the US was pushing shuttered domestic refineries to reopen, according to Reuters.
For Monday’s moves, see our earlier report.
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