Oil Breaks $102 on Saudi Strikes and Hormuz Risk
WTI crude jumped about 2.5% to $102.50 a barrel in Monday's session, while Brent climbed to roughly $107, as renewed Houthi strikes on Saudi Arabia and a fresh round of attacks on vessels in the Strait of Hormuz shoved the geopolitical premium back into the complex. This lands on top of a drone-led shutdown of Saudi Arabia's east-west pipeline on Friday, so the move is not just headline risk; a chunk of physical supply is sitting off the market.
Key Takeaways WTI crude jumped about 2.5% to $102.50 a barrel on Sept 14, and Brent climbed to roughly $107. Crude is up about 8% on the week, back above $100 for the first time since July. Houthi strikes on Saudi territory, attacks on vessels in the…
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