Petroline outage and Hormuz disruptions push US heating oil to record

  • Houthi forces claimed a missile and drone attack on a Saudi military base in Sharurah.
  • WTI traded at $102.20 and Brent at $106.80 after both initially rose over 3%.
  • Badr Albusaidi said Gulf states and Iran postponed Monday's Hormuz shipping talks.

Oil prices rose as attacks affecting Saudi Arabia, the Strait of Hormuz and the Bab el-Mandeb corridor compounded disruption from the closure of Saudi Arabia's East-West pipeline. WTI futures traded at $102.20 a barrel, up 2.16%, while Brent was $106.80, 2.14% higher, after both benchmarks initially climbed more than 3% in Asian trading. Houthi forces claimed a missile and drone strike on a Saudi military base in Sharurah, while Saudi state media separately reported a projectile in Jazan. A vessel in the Strait of Hormuz was struck by an unknown projectile, and an Iranian cargo vessel was reportedly hit off Qeshm Island. Oman's Badr Albusaidi said Gulf states and Iran postponed talks on temporary Hormuz shipping management because they lacked consensus. The Petroline outage, caused by drone strikes on pumping stations, threatens up to 4% of global oil supply if it persists.

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