Brent crude rises 1.21% to $105.99 on Middle East tension
WTI crude also gains 1.21% to $92.97 following weekend Houthi strikes on Saudi Arabia.
Crude oil prices advanced on Monday, October 12, driven by persistent Middle East geopolitical tensions. Fresh strikes by the Houthis against Saudi Arabia over the weekend heightened global risk perception and lifted prices, outweighing a proposed energy ceasefire between Ukraine and Russia presented by US President Donald Trump.
At around 9:15 a.m., Brent crude for December delivery rose 1.21% to $105.99 per barrel. West Texas Intermediate crude for November delivery gained 1.21% to trade at $92.97 per barrel.
Market participants also tracked developments around the Strait of Hormuz. Iran is reviewing a US response to its proposal regarding the reopening of the strait and plans to reply to Washington through intermediaries, according to Iranian Foreign Ministry spokesperson Esmaeil Baghaei. Baghaei stated during a press briefing that message exchanges remain ongoing through intermediaries, including Qatar and Pakistan among other mediating nations.
Share prices can rise and fall. Past performance does not guarantee future results. This article is news, not investment advice.
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