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Oil
Source: Newsmaker.id
Oil prices continued their rally during Tuesday's trading (Sept. 15), breaching US$105.5 per barrel and hitting a four-month high. The rise followed reports that Saudi Arabia had cancelled some oil shipments after a drone attack forced the closure of a key export route.
Saudi Arabia reportedly informed several European customers that some September shipments were being cancelled. Oil loading operations at the port of Yanbu were also halted, heightening concerns regarding short-term supply availability.
Geopolitical risks have intensified following renewed attacks on Saudi Arabia by the Iran-backed Houthi group. The situation in the Strait of Hormuz also remains volatile, with at least two tankers reportedly attacked since Saturday.
The flow of commodity vessels through the Strait of Hormuz dropped sharply to just four ships on Monday—down from around 10 the previous day—according to Kpler data. This decline in shipping activity reinforced fears that supply disruptions from the Gulf region could be prolonged.
Supply disruptions are not limited to the Middle East. Libya's national oil company halted operations at two oil fields and a pumping station due to protests. Meanwhile, Russia and Ukraine continue to target each other's energy infrastructure, despite US President Donald Trump's earlier statement that both sides had agreed to halt attacks on energy facilities.
Newsmaker Analysis: Oil fundamentals remain strong as supply disruptions occur simultaneously across several key regions. Until Saudi shipments return to normal, flows through Hormuz remain restricted, and production in Libya and the Russia-Ukraine theater remains disrupted, a risk premium is likely to keep oil prices elevated.
Source: Newsmaker.id