Oil Rises Intraday Amid Escalating Tensions
In an analysis sent to Rigzone Thursday, Mahmoud Mashal, senior market analyst at VT Markets in Dubai, said Brent was up more than 3% and WTI more than 2% from Wednesday's settlements.
"Friction between Saudi Arabia and the Houthis has brought the kingdom's energy infrastructure back into focus at a time when traffic through the Strait of Hormuz remains restricted," Mashal said. He added that the U.S. pulling some diplomatic staff from Saudi Arabia, along with troop movements, has raised fears of a wider conflict.
He pointed to buffers too: Gulf crude exports have recovered significantly, the IEA is speeding up planned reserve releases, and Washington has waived several Russia-related sanctions, including a temporary license for Russian diesel sales until April 2027.
Mashal expects crude to keep an upside bias while Gulf supply routes stay exposed, but said credible progress on reopening Hormuz or a Russia-Ukraine breakthrough would put selling pressure on prices.
Summary written by Readthrough from the original article. The full story, with photos and any updates, is at Rigzone.
