Crude Oil Prices Surge After Houthi Attacks on Saudi Sites
Crude oil prices saw a rise on Tuesday morning following reports of Houthi attacks on multiple sites in Saudi Arabia. Brent oil futures reached $100.56, up by 0.24%, while WTI crude futures climbed to $89.62, a 0.21% increase. In India, October crude oil futures on the MCX opened at ₹8636, down 0.38% from the previous close, and November futures at ₹8544, down 0.32%. The Houthis claimed responsibility for attacks on key locations, including King Khalid International Airport, an Aramco refinery in Rabigh, and Abha airport, though Saudi authorities had not yet confirmed these reports.
Saudi Arabia reportedly cut the official selling price for November-loading Arab Light crude into Asia by $3 a barrel. Warren Patterson, Head of Commodities Strategy at ING Think, noted that Saudi Arabia has been increasing shipments through the Strait of Hormuz due to the outage of the East-West pipeline. Despite elevated shipping risks, West Asian crude shipments have rebounded to 17.5 million barrels a day, nearing pre-war levels.
Other commodities also saw movements on the MCX. October natural gas futures rose by 0.64% to ₹297, while on the NCDEX, December cottonseed oilcake contracts increased by 0.55% to ₹3443. October jeera futures, however, fell by 0.62% to ₹23420.