Oil pops on Hormuz jitters; U.S. emergency crude stocks fall below 300 mln barrels

🌐 Hellenic Shipping News (Greece) —

AI Summary

Oil prices surged nearly 5% after a weekly drop amid heightened tensions due to Iran's rejection of direct talks with the U.S. and the conditional reopening of the Strait of Hormuz. Attacks by Iran-backed Houthi forces on Saudi energy infrastructure stirred concerns over regional oil flow stability.

Oil prices advanced nearly 5% on Monday following a steep weekly loss, after Iran ruled out direct talks with the U.S. and said a full reopening of the Strait of Hormuz would only be possible after Washington met certain conditions. Meanwhile, Iran-backed Houthi attacks on Saudi Arabian energy infrastructure exacerbated concerns over regional oil flows. ...

Security Conflict Politics Markets Commodities Energy oil prices Strait of Hormuz Iran U.S. Houthi attacks Saudi Arabia energy security oil supply

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