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WTI rises above $90 as Middle East tensions lift oil risk
WTI was at $90.87 and the Saudi aviation authority reported three deaths from attacks on Saudi airports, while UKMTO noted more incidents in the Strait of Hormuz in October.
WTI climbed back above $90 on Thursday, reaching $90.87, as reports of new attacks on Saudi Arabian airports increased concerns about escalation in the Middle East, FXStreet reports.
The Saudi aviation authority said the airport attacks killed three people, and the attacks were described as retaliation for Saudi support to the Yemeni government offensive against the Houthis, a dynamic that could tighten crude supply.
FXStreet also cited a UKMTO update showing an increase in attacks on vessels in the Strait of Hormuz, with nine attacks so far in October, equal to about half the incidents recorded in September.
In the US, the Energy Information Administration reported that crude oil stocks fell more than expected in the last week of September, adding further support to prices.
Latest closeWTI crude $89.70 ▼1.6%