Oil swings steady as Aramco warns of 'catastrophic' Hormuz disruption
As investors appear to hedge their bets on persisting war risks, strikes on Gulf energy infrastructure continued on Tuesday, with a drone hitting the region’s largest single-site oil refinery.
Oil markets steadied Tuesday after a day of historic volatility driven by the Iran war, even as Saudi energy giant Saudi Aramco warned the conflict could unleash “catastrophic consequences” if energy flows through the Strait of Hormuz remain blocked.
International benchmark Brent crude was trading at $92.31 per barrel at 9:23 a.m. EST after swinging wildly a day earlier, when prices surged toward $120 before plunging following comments by President Donald Trump suggesting that the war was “very complete.”
Even as investors appear to hedge their bets on persisting war risks, strikes on Gulf energy infrastructure continued on Tuesday, with a drone hitting the region’s largest single-site oil refinery at Ruwais in the United Arab Emirates.
Details: Despite some measure of market calm setting in on Tuesday morning, the leader of the world’s largest oil exporter warned that deeper risks still loom large.
