Oil Prices Rise In Choppy Trade
(RTTNews) - Oil prices traded higher on Monday, recouping early losses in the wake of fresh attacks on Saudi Arabia's aviation infrastructure by Iran-backed Houthi militants and a drone strike on a tanker near the Sohar anchorage off Oman.
After the deadly airport strike, U.S. President Trump said he is considering joining Saudi Arabia in its retaliation against Houthis in Yemen.
Brent crude futures were up 0.8 percent at $105.59 a barrel after falling early in the session on hopes of Russia-Ukraine energy ceasefire. WTI crude futures rose 0.9 percent to $92.69 a barrel.
Saudi Arabia has extended the suspension of operations at King Khalid International Airport in Riyadh following a series of attacks on the facility over the weekend.
Oil prices fell early in the day after U.S. President Donald Trump announced a diesel deal with Russia and claimed that Russia and Ukraine agreed to an "energy ceasefire" and will halt attacks on each other's energy facilities.
The U.S.-Russia diesel deal on 500,000 metric tons of fuel to reach international markets cast doubt on the likelihood of the White House imposing new sanctions on Russia.
Russian attacks on Ukrainian energy infrastructure continued after the announcement. Volodymyr Zelanskiy stated Ukraine supports the ceasefire if Russia reciprocates. Moscow has not responded.
Meanwhile, OPEC has lowered its oil demand growth forecast for this year to 400000 barrels per day from 1.4 million bpd at the start of the year.
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