Oil prices rise then fall after Saudi attacks
Global oil prices initially surged to their highest levels since mid-May amid escalating geopolitical tensions, but later declined as markets reacted to shifting conditions. The surge was triggered by attacks on Saudi Arabia by Iran-backed Houthi rebels, prompting security evacuations and heightened regional concerns.
Consensus
- Prices for Brent crude oil rose during the day on October 22, reaching a high of $112.68 per barrel.
- Prices for WTI crude oil also rose during the day, reaching a high of $100.09 per barrel.
- Iran-backed Houthi rebels in Yemen launched attacks on multiple targets in Saudi Arabia on October 21.
- One person died in an attack on a civilian airport in Dammam, Saudi Arabia.
- Two people died in a drone strike on a Saudi oil field.
- The Islamic Revolutionary Guard Corps (IRGC) of Iran claimed to have attacked four ships in the Persian Gulf and detonated three mines near the Strait of Hormuz.
- The National Oil Corporation of Libya reported reduced oil production at the Al-Hamada and Al-Tahara fields due to a pipeline closure to the port of Zawiya.
- The U.S. government instructed some diplomatic staff and their families to leave Saudi Arabia and planned to evacuate families of staff from other missions in the region.
Points of divergence
- December Brent futures traded at $111.39 per barrel at 18:00 Moscow time, up 2.36%. — interfax
- December Brent futures fell to $107.97 per barrel at 18:22 Moscow time, down 1.44%. — vedomosti
- December WTI futures traded at $98.34 per barrel at 18:00 Moscow time, up 1.22%. — interfax
- December WTI futures fell to $97.37 per barrel at 18:22 Moscow time, down 1.19%. — vedomosti
- The U.S. and Israel prepared plans for renewed strikes on Iran after the November U.S. midterm elections. — interfax
- President Trump stated that the U.S. is not currently negotiating with Iran and promised 'something will happen soon'. — interfax
- Brent crude reached $110.64 per barrel on October 20, the highest since May 19. — vedomosti
- Houthi rebels claimed seven military operations against Yemeni and Saudi forces on October 19, including an attack on Aramco and King Khalid Airport in Riyadh. — vedomosti
Coverage (5 sources)
- Brent remains in the plus and trades at $111.39 per barrel — Интерфакс
- Oil prices fell after rising to a mid-May peak — Ведомости
- Oil Brent fell to $107.97 per barrel — Интерфакс
- Brent fell to $108.17 per barrel — Интерфакс
- Oil prices rose from intraday lows but remain in the negative — Интерфакс