West Texas and Brent crude prices rose about 3% after Houthi attacks on Saudi Arabia, raising concerns over supply and the safety of energy infrastructure, particularly the East-West Pipeline and the port of Yanbu, which are key routes for Saudi Arabia's oil exports. West Texas crude stood at 94.61 dollars per barrel, up 2.45 dollars, and Brent crude stood at 106.60 dollars per barrel, up 3.52 dollars. The oil price situation analysis unit of Thai Oil Public Company Limited said the market is still watching tensions between the United States and Iran after the United States expanded secondary sanctions against foreign companies doing business with Iran, while Iran has signaled retaliation against countries that comply with those measures. However, after the market closed, Iran's foreign minister revealed that Iran had submitted a proposal to the United States through intermediaries during talks on the sidelines of the UN General Assembly to reopen the Strait of Hormuz and return to negotiations to end the conflict within seven days. This development raises hopes that tensions in the Middle East may ease and opens the way for shipping through the Strait of Hormuz to return to greater normality, which would help increase the volume of oil reaching global markets and reduce supply risks.
Thai Oil Public Company LimitedAttack on Saudi oil infrastructure and export routes raises supply concerns, pushing Brent up about 3%.
Houthi attack on Saudi Arabia threatens supply and energy infrastructure, lifting WTI crude about 3%.
