Oil prices rose to their highest levels in nearly two weeks on Monday as attacks targeting Saudi Arabia heightened supply concerns.
Houthi attacks outweighed optimism over potential additional supplies following US President Donald Trump’s remarks on Russian diesel exports and a Russia-Ukraine energy ceasefire.
Brent crude futures gained $1.24, or 1.2%, to $106.19 a barrel by 1124 GMT (4:24pm PKT), reaching their highest level since September 29. US West Texas Intermediate (WTI) crude rose $1.11, or 1.2%, to $92.96 a barrel, recovering from earlier losses.
Meanwhile, Saudi Aramco Chief Executive Amin Nasser warned that pressure on global energy markets would continue to mount until the Strait of Hormuz was fully reopened.
Speaking at the WPC Energy Congress in Riyadh, Nasser said the global crude oil supply squeeze remained severe, while soaring refined fuel prices were adding to the strain.
He also noted that commercially available offshore inventories, considered the last remaining buffer against supply disruptions, had fallen well below 6 billion barrels, with most of the remaining stock unavailable for immediate use.
Nasser cautioned that replenishing global inventories could take up to two years while continuing to meet market demand.