Kuwaiti Crude Rises $3.47 to Reach $107.69
Kuwaiti crude rose by $3.47 amid escalating tensions between Iran and the US and Houthi attacks on Saudi Arabia.
Translated by Qiyas from الجريدة — Original source
The price of a barrel of Kuwaiti crude oil rose by $3.47 to reach $107.69 per barrel in yesterday’s trading, compared to $104.22 on Monday, according to the price announced by the Kuwait Petroleum Corporation.
In global markets, oil prices rose by more than $2 today after Iran stated there was no reason to expect diplomatic progress toward ending the war with the United States. This pushed the price of Brent crude near its five-month high, supported by a decline in U.S. crude oil and product inventories.
In the previous session, Brent crude hit its highest level in five months, while U.S. crude reached its highest in six months, before prices fell amid reports that Iranian President Masoud Pezeshkian discussed mediation efforts during a meeting with the Pakistani army chief in Tehran.
Iranian Foreign Minister Abbas Araghchi wrote in an article in the Financial Times that Iran is fully prepared to defend itself. Meanwhile, Iranian President Masoud Pezeshkian told state media that the United States cannot expect dialogue while imposing a blockade on Tehran and issuing threats.
Analysts at PVM noted, referring to the war in the Middle East and the Russia-Ukraine war, “the reasons remain under discussion as no signs have emerged from either conflict indicating a de-escalation that would support the market’s upward trend.”
Kpler ship-tracking data showed at least 18 attacks on vessels over the past two weeks, while analysts at the London Stock Exchange Group warned that Iran is targeting tankers in areas far from the Strait of Hormuz, extending to the Gulf of Oman, threatening crude oil loading operations in the Gulf and ship-to-ship transfers supporting shipping in the region.
The Houthis announced on Monday that they launched attacks on Saudi Arabia targeting an Aramco facility in Yanbu, the Shaybah oil field, King Khalid International Airport in Riyadh, and Abha Airport.
In the United States, two Energy Department officials said on Tuesday that they are working with refiners worldwide to increase fuel production.
Market sources, citing American Petroleum Institute data, reported that crude oil inventories fell by 4.9 million barrels during the week ending October 16, while gasoline and distillate inventories also declined.
