Oil Prices Rise Amid Middle East Attacks on Tankers and Refinery

Oil prices rose on Monday, with Brent crude exceeding 97 US dollars per barrel and WTI increasing to 92.37 US dollars. The price surge follows a series of military escalations between the United States and Iran, including attacks on oil tankers and a refinery. On Monday, the Saudi Aramco refinery in Jizan, which can process 400,000 barrels per day, was targeted in an attack similar in scale to one that occurred in early August. On Saturday, the United States Central Command reported that U.S. forces attacked three Iranian tankers, including the Downy, Stark I, and Kylo. In retaliation, the Iranian Revolutionary Guard Corps Navy claimed to have attacked three tankers and three American vessels. Shipping data from Kpler indicates that traffic through the Strait of Hormuz has dropped to an average of ten cargo ships per day over the last ten days, the lowest level since May. Maersk described the situation as a great escalation of the maritime conflict, noting that commercial tankers are being used as instruments of economic pressure. Additionally, Bloomberg reports that Goldman Sachs sees a risk of oil reaching 120 US dollars per barrel if attacks on vessels in the Middle East intensify.