Global oil prices climbed about 2% after markets assessed the impact of attacks in Saudi Arabia on potential supply risks.
Prices were also supported by OPEC’s view that oil demand is showing signs of a rebound. Together, those signals heightened market sensitivity to the security of supply.
Any increase in tensions involving Saudi Arabia tends to feed quickly into oil prices, as investors reassess the likelihood of disruptions to output and shipments.
Against that backdrop, the oil market is watching both security developments in the Middle East and OPEC’s demand outlook, which could shape price direction in the near term.
