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Source: Newsmaker.id
Oil prices closed higher in Wednesday's trading (Oct 14) after the market digested the latest report from the International Energy Agency (IEA) regarding global energy market conditions. Brent crude rose 37 cents to US$106.06 per barrel, while West Texas Intermediate (WTI) gained 95 cents to reach US$95.09 per barrel.
In its monthly report, the IEA warned that pressures in the diesel market could persist until 2027. This situation is exacerbated by escalating attacks in Saudi Arabia, which threaten to disrupt the recovery of global oil supplies. The IEA also highlighted challenges regarding fuel product supplies amidst rising geopolitical tensions.
The conflict between Saudi Arabia and the Iran-backed Houthi group has intensified once again. The Saudi Ministry of Energy stated that a Saudi Aramco administrative building in Dhahran was targeted in an attack early Wednesday morning. There were no reports of injuries resulting from the attack. Previously, the Houthis had launched several attacks on Riyadh, including a deadly strike on the city's international airport.
The attacks on Saudi energy facilities coincided with reciprocal strikes in Yemen. According to Al Jazeera, Houthi energy facilities and fuel reserves in Yemen were also targeted by the Saudi-led coalition. These developments have heightened market concerns regarding potential disruptions to energy infrastructure in the region.
Tensions also persist between the United States and Iran, particularly concerning the Strait of Hormuz. US Central Command denied claims by an Iranian Revolutionary Guard Corps Navy commander that Iran controlled the strategic waterway and threatened to sink approaching US warships. Developments in the Middle East have become a primary focus for the market, as they could impact the security of global energy supplies and distribution routes.
Source: Newsmaker.id