SKN | Oil Prices Rise as Middle East Tensions Renew Supply Concerns
Energy Sector Analysis Geopolitical Tensions Drive Oil Market Sentiment Crude oil prices advanced on Friday as investors assessed escalating tensions across the Middle East and the possibility of renewed military action against Iran. Oil traded near its highest level in five weeks, with market attention focused on threats to regional production, export infrastructure and shipping. Iran-backed Houthi militants in Yemen claimed responsibility for recent attacks on Saudi targets, including the Red Sea port of Yanbu, an oil field and an airport. The incidents have reinforced concerns about the vulnerability of energy infrastructure in Saudi Arabia, the world’s largest crude oil exporter. Reports that US and Israeli militaries had developed plans for renewed strikes against Iran following next month’s midterm elections added another source […]