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Oil prices saw an increase on Monday after a drone attack targeted U.S. forces in Jordan, adding to concerns about potential supply disruptions in the Middle East.
Meanwhile, Houthi rebels escalated their attacks on vessels in the Red Sea, hitting a fuel tanker operated by Trafigura. These incidents and risks of a widening conflict raised apprehensions about regional energy supply disruptions.
Brent crude futures rose 0.4% to $83.84 a barrel, reaching a session high of $84.80, while U.S. WTI crude gained 0.4% to $78.35 a barrel after hitting an intraday high of $79.29.
The drone strike in Jordan and the Houthi attack on the Red Sea raised concerns about a broader conflict in the oil-rich Middle East.
The drone attack on U.S. troops in Jordan led analysts to suggest that it marks a critical point in the ongoing conflict in the Middle East, potentially raising the specter of increased U.S. involvement.
A confrontation with Iran could escalate the risk of regional energy supply disruptions, impacting oil markets.
Commodities trader Trafigura is assessing security risks for future Red Sea voyages after the Houthi group attacked a fuel tanker it operated off the coast of Yemen.
This incident and threats to U.S. and UK-linked oil tankers will likely prompt a reevaluation of the risk of disruptions in the oil market.
Russia is expected to reduce exports of naphtha, a petrochemical feedstock, by approximately a third of its total exports following fires that disrupted operations at refineries on the Baltic and Black Seas.
Traders and ship-tracking data suggest a significant cut in naphtha exports, contributing to global supply concerns.
Ministers from OPEC and allies, known as OPEC+, are set to meet on Feb. 1, where they will likely decide on oil production levels for April and beyond.
However, decisions on further output policies may be made in the coming weeks, as the meeting is considered too early for such determinations.
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