Saudi attacks raise oil prices despite more Russian supply

Oil prices surged significantly, rising by 2%, with Brent breaking the $106 per barrel barrier and reaching its highest levels since September 29. This escalation was driven by geopolitical risks sparked by attacks on Saudi Arabia and oil tankers in the Strait of Hormuz. The Houthis claimed responsibility for attacks on Riyadh Airport and tankers passing through the strait, heightening tensions and threatening the recovery of oil exports from the Middle East. In related news, banks like Goldman Sachs have increased their forecasts for Brent prices in December, citing rising market risks. Meanwhile, major oil companies are working to regain production after Hurricane Iasaas, as concerns about disruptions to global oil supplies due to tense geopolitical situations continue to grow.

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