Oman crude tops $110.18 per barrel

MUSCAT: Oman crude rose $3.35 to $110.18 a barrel for December delivery on Tuesday, as international oil prices climbed on concerns over attacks on energy infrastructure and shipping in the Gulf region.
The Oman benchmark increased from $106.83 on Monday.
The monthly average price of Oman crude for October delivery was $87.84 a barrel, up $11.48 from the September delivery average.
Internationally, Brent crude futures reached $111.75 a barrel, their highest since May, before easing to $111.20 by 1120 GMT, up $1.65, or 1.5%.
The November US West Texas Intermediate contract, which expires on Tuesday, rose as high as $110 a barrel, the highest for a nearby contract since April. It was last trading at $109.08, up $5.42, or 5.2%.
The gains followed claims by Yemen’s Iran-aligned Houthis that they had attacked Saudi energy, airport and military targets on Monday, including an Aramco site in Yanbu, the Shaybah oilfield, Riyadh’s King Khalid International Airport and Abha airport.
ING analysts said prices reflected a substantial geopolitical risk premium amid uncertainty over regional security.
They said that premium could gradually diminish if oil flows continued without disruption, although there were no signs of that happening yet.
Ship-tracking firm Kpler said in a note on Monday that at least 18 vessels had reportedly been attacked over two weeks, sustaining concerns over shipping risks.
Separately, a Houthi attack on a training camp for government security forces in Yemen’s Shabwa province killed 58 people and injured more than 200 on Monday.
The renewed violence heightened concerns over regional stability and potential disruption to energy supplies, helping keep crude prices above $100 a barrel.
In the United States, a preliminary poll on Monday showed analysts expected crude oil and petroleum product inventories to have fallen in the preceding week. — Agencies