Casablanca – Oil prices rose today as traders weighed renewed hostilities between Yemen’s Houthi movement and Saudi Arabia against signs of recovering crude exports from Gulf producers.
Brent crude futures for December delivery gained 0.77% to $106.50 per barrel at around 10:15 GMT, while US West Texas Intermediate (WTI) crude for November delivery rose 1.25% to $95.32, according to market data reported by AFP.
The gains came as concerns over the security of oil infrastructure and shipping routes continued to influence prices. Recent attacks have raised questions about whether the recovery in Middle Eastern oil supplies can continue.
The International Energy Agency (IEA), in its monthly Oil Market Report published today, said Gulf crude exports had moved closer to pre-war levels in September. However, renewed attacks on regional energy facilities and tanker traffic now threaten further progress.
Global oil supply increased by 2.5 million barrels per day in September to 102.3 million barrels per day, driven mainly by higher production from Gulf countries, according to the IEA. Saudi Arabia led the increase among OPEC+ producers.
Despite the recovery, the agency warned that the market remained vulnerable to further disruptions.
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Houthi military spokesperson Yahya Saree said that attacks targeting Saudi airports and oil facilities would continue in the coming days, warning of severe consequences. The statement added to concerns over Saudi Arabia’s energy infrastructure and its ability to maintain exports.
Arne Lohmann Rasmussen, an analyst at Global Risk Management, said the attacks increased risks to Saudi oil facilities and major pipelines, potentially affecting the kingdom’s export capacity.
Shipping activity in the Strait of Hormuz has also come under pressure. The United Kingdom Maritime Trade Operations agency has reported an increase in incidents and attacks in the strategic waterway in recent days.
Higher transport costs are adding another burden. Analysts at Morgan Stanley said longer shipping routes and more complicated maritime logistics had pushed crude transportation rates to levels that now account for a significant share of the cost of a barrel.
The combination of supply concerns, security risks, and expensive shipping continues to shape oil market movements, even as Gulf producers restore some of their lost exports.
