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Source: Newsmaker.id
Oil prices held firm during Tuesday's trading (Sept 15) after fresh Houthi attacks on Saudi Arabia heightened concerns regarding Middle East energy supplies. Brent crude rose approximately 2% to US$107.83 per barrel, while WTI gained 2.1% to reach US$103.50 per barrel.
Supply pressures mounted after the Iran-backed Houthi group launched renewed attacks on targets in Saudi Arabia and strengthened its position along the Red Sea. This positioning grants the group greater capacity to disrupt shipping in the Bab el-Mandeb Strait, a vital artery for global energy trade.
Risks have also escalated as Saudi Arabia's East-West pipeline remains out of operation following last week's attack. Analysts estimate that these developments could disrupt roughly 4% to 5% of global oil supplies should the conflict continue to expand.
On the diplomatic front, meetings between Iran and Gulf nations regarding the reopening of the Strait of Hormuz remain stalled. Prior to the conflict, this waterway facilitated the transport of about one-fifth of the world's oil supply, whereas current shipping volumes remain well below normal levels.
Newsmaker Analysis: Oil market fundamentals remain bullish, as there is still no certainty regarding the restoration of the Saudi pipeline or the reopening of the Strait of Hormuz. As long as risks surrounding Hormuz and Bab el-Mandeb persist, a geopolitical risk premium is likely to keep Brent and WTI prices elevated. (arl)
Source: Newsmaker.id