A Yemeni naval ship patrols the Red Sea. The Houthi rebels have announced a 'blockade' on Saudi exports in the sea. AFPShow caption: A Yemeni naval ship patrols the Red Sea. The Houthi rebels h…Iran-backed rebels launch attacks on Saudi Arabia, as US-Iran conflict simmers
Yemen's Houthi rebels escalated attacks on Saudi Arabia, striking its southern region and injuring 11 civilians, renewing fears of an oil supply crunch.
Brent crude and West Texas Intermediate are on track for weekly losses of approximately 8 per cent and 5.3 per cent, respectively, despite modest daily gains.
Opec+ agreed to increase crude oil output for a sixth consecutive month in September, pledging to monitor developments and act accordingly.
"The optimism trade is unwinding because the physical picture never eased, and Iranian hardliners can sabotage any deal the mediators reach," said Gareth Nicholson, chief investment officer of First Abu Dhabi Bank Asset Management.
