Oil Climbs Past $111 Following Houthi Strikes on Saudi Arabia

The latest attacks pushed Brent to $111.10 and West Texas Intermediate to $98.98, marking a 2% increase from Wednesday. The market remains on edge as geopolitical friction intensifies, further exacerbated by reports of explosions in southern Iran. Foreign Minister Abbas Araqchi stated that Tehran holds no trust in U.S. peace overtures, citing past military actions during nuclear negotiations. President Masoud Pezeshkian reinforced this stance, declaring that diplomatic progress is impossible while the United States maintains its current blockade and threats against the country.

Energy analysts are closely tracking supply data amid the volatility. While Kuwait Petroleum Corp reports that daily oil production has surpassed 2 million barrels, the company’s chief executive warned that downstream fuel production remains heavily constrained. Current output levels for refined products continue to lag significantly behind pre-war benchmarks, leaving little room for market recovery as regional tensions show no signs of abating.