Heating Oil Price Reaching Another High
Heating Oil Price Reaching Another High
Crude oil prices spiked to a five-month peak on Friday morning as recent strikes in Saudi Arabia and attacks on tankers near the Strait of Hormuz raised fears of severe global supply shortages.
Brent crude, the international pricing benchmark, climbed 3% to reach $112 per barrel—its highest point since May 18.
On Wednesday, Iran-backed Houthi forces in Yemen launched strikes against multiple Saudi targets. A drone attack on a civilian airport in Dammam left two dead and eight injured, while another drone strike on a Saudi oil field resulted in two additional fatalities.
Concurrently, Iran’s Islamic Revolutionary Guard Corps (IRGC) reported targeting four vessels engaged in unauthorized oil transfers in the northern Gulf, causing them to catch fire. The IRGC also claimed three other ships struck marine mines west of the Strait of Hormuz, cautioning the U.S. that further escalation could trigger broader retaliatory strikes against American bases in the region.
Keep up to date with heating oil prices here
Heating Oil Price Reaching Another High
