Energy and oilUpdated Yesterday

Oil settles higher as geopolitical risks outweigh higher production

Oil recovered its earlier Thursday losses and settled higher, the Saudi Press Agency reported. Brent settled at $95.82 a barrel, up $3.06 (3.3%), while WTI settled at $88.74, up $2.21 (2.6%); both benchmarks were still down about 2.5% for the week. SPA reported that geopolitical risks outweighed increased crude production. In an October 26 statement carried by SPA, the Saudi Ministry of Foreign Affairs said the defense minister’s visit to Tehran with representatives of countries party to the Mecca Joint Defense Agreement was part of efforts to reduce escalation, encourage dialogue and diplomatic solutions, and support mediation by Qatar and Pakistan. The Kingdom called for negotiations to prevent renewed military escalation and resolve the crisis. In a separate September 2 statement, the Ministry condemned Iran’s targeting of the Saudi tanker Sidr in the Strait of Hormuz, which resulted in crew deaths, and called for de-escalation, respect for international law, and a return to negotiations and peaceful solutions.

1 publisher2 reports

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