<\/p>\n
Brent oil traded near $108 barrel after fighting between Yemen-based Houthi militants and Saudi-backed forces intensified, stoking fears of deeper supply disruptions as hostilities escalated across the Middle East.<\/p>\n
The global benchmark surged more than 6% in the previous session and is on track for its biggest weekly gain since July. West Texas Intermediate traded around $102 a barrel. Iran-backed Houthis advanced toward coastal areas bordering the strategic Bab al-Mandeb Strait, gaining ground in their push to seize Mokha near the southern end of the Red Sea.<\/p>\n
\u201cA resumption of a full-blown Saudi-Houthi war would be a potential catalyst for our high oil price scenario coming to fruition,\u201d RBC Capital Markets LLC analysts including Helima Croft wrote in a note. Mokha is closer to the Bab al-Mandeb Strait and \u201cwould allow the group to project its disruptive capabilities further south towards the narrowest points of the waterway.\u201d<\/p>\n<\/p>\n
Fighting has intensified across the Middle East over the past two weeks, with Houthi assaults on Saudi energy facilities forcing some operations to halt and US strikes targeting Iranian oil tankers. A recent pickup in crude purchases by China has also tightened the global market.<\/p>\n
Some oil exports continue to cross the Strait of Hormuz, often on tankers sailing with their transponders switched off to evade detection, though vessels still face the constant threat of attack. The UK Maritime Trade Operations received a report that two ships were struck by unidentified projectiles west of Khasab, Oman, on September 10, highlighting the continuing dangers to shipping.<\/p>\n
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Top diplomats from the six-member Gulf Cooperation Council plan to meet their Iranian counterpart on Monday in a push by Oman and Iran to secure buy-in for a deal to temporarily manage shipping through Hormuz, the Financial Times reported, citing two people briefed on the matter.<\/p>\n
Iran and the US are settling in for a prolonged conflict, with little sign of a near-term truce or normalised Middle East energy flows. Houthi rebels opened up a new front in July, threatening vessels calling at Saudi Red Sea ports that had become a vital alternative after disruptions through Hormuz. Saudi Arabia said oil output fell again last month, reaching the lowest level since 1990.<\/p>\n<\/p>\n
Saudi Crown Prince Mohammed bin Salman called US President Donald Trump twice on Thursday, urging him to launch strikes against the Houthis as the militant group gained ground in Yemen, Axios reported, citing US officials. Trump declined the request, according to the report.<\/p>\n
Brent is up almost 80% this year, though the global benchmark remains below its wartime peak of just above $126 a barrel reached in April. European natural gas prices and global tanker freight rates have also rallied, while refined products such as diesel have posted even steeper gains, compounded by the Russia-Ukraine war.<\/p>\n
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\u201cMarket participants appear to be revising their expectations for the severity and duration of the war in Iran,\u201d said Hamad Hussain, a commodities economist at Capital Economics. With global inventories depleted and Chinese demand showing early signs of recovery, a renewed disruption in Middle East flows could push prices back toward recent peaks, he added.<\/p>\n
Prices:<\/p>\n
Brent for November settlement was little changed at $107.61\u00a0a barrel at\u00a012:50 p.m.\u00a0in Singapore.<\/p>\n
Futures are up around 12% this week.<\/p>\n
WTI for October delivery was steady at $102.29\u00a0a barrel.<\/p>\n
The US is seeking to cripple Iran\u2019s economy, and Treasury Secretary Scott Bessent said a \u201clarge bank\u201d will be sanctioned on Monday as part of the campaign, which includes a naval blockade. An Iranian official recently acknowledged growing economic pain, but said Tehran must keep fighting until it is confident Washington won\u2019t strike again.<\/p>\n
Iran has been able to rebuild its missile capabilities and will escalate strikes on US and Gulf assets if Washington intensifies its own attacks, a senior Iranian official said. White House advisers including Vice President JD Vance have told Trump that the war could drag on through the remainder of his term, which runs until January 2029, the Wall Street Journal reported.<\/p>\n
Late Thursday, Trump said it\u2019s not possible the war with Iran would last through the rest of his term, adding that the conflict could end before the November midterm elections. The comments marked a shift from earlier this week, when the US president predicted the war would continue beyond the vote.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Brent #oil #trades #HouthiSaudi #fighting #escalates<\/p>\n","protected":false},"excerpt":{"rendered":"
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