Brent crude oil prices neared recent highs on Tuesday after Iran-backed Houthi militants claimed attacks on Saudi Arabia and Ukraine struck oil facilities in Russia. The crude oil prices have hit the high of $110 per barrel.
\n\nGlobal benchmark Brent futures lost 31 cents to close at $109.55 per barrel after hitting $110.70 earlier. U.S. West Texas intermediate advanced $2.25 to close at $103.66 per barrel.
\n\nOn Monday Iran-backed Houthi militants claimed attacks on Saudi Arabia and Ukraine struck oil facilities in Russia. The targets reportedly included an Aramco site in Yanbu, the Shaybah oilfield, King Khalid International Airport in Riyadh and Abha airport.
\n\nPrices pulled back from session highs as traders weighed possibly higher Russian supplies hitting the market after U.S. sanctions relief on Friday.
\n\nAt least 18 vessels were reportedly attacked over two weeks, which keeps the risk premium intact, shiptracker Kpler said in a note.
\n\nFriday's executive order by President Donald Trump waived key Russia-related US sanctions and tariffs, including goods duties and penalties for purchases of its energy.
\n\nRefineries in India and two other countries that run on Russian crude shipped 1 billion euros ($1.2 billion) of oil products to sanctioning countries in September, up 43…
Original source: https://www.timesnownews.com/business-economy
