Oil Markets Remain Steady Despite Saudi, Moscow Attacks
Oil markets have remained relatively stable despite recent attacks in Saudi Arabia and Moscow. The Brent crude price has hovered between $103-$104 per barrel, while West Texas Intermediate (WTI) or US crude futures trade below $100 per barrel.
On the weekend, Saudi Arabia issued air-raid alerts for Riyadh, along with warnings in Red Sea hubs including Yanbu. Explosions were heard near King Khaled Airport in Riyadh, and Houthis continued to attack regions close to the Bab el-Mandeb strait.
The Moscow oil refinery was hit by Ukraine's drone attacks on Sunday, part of the largest overnight drone attack of the year on Russia. The refinery has a capacity of 245,000 barrels per day.
US President Donald Trump said he would probably be open to a meeting with Iran President Masoud Pezeshkian when he travels to the US for the UN General Assembly summit later this week. This has contributed to a subdued reaction in oil markets, as other factors also come into play.