Crude Oil Prices Surge Past $95 As Trump Rejects Iran Deal, Saudi Oil Facilities Face Attacks
Global oil prices surged on Nov 13, with Brent crude reaching over $95 per barrel amid escalating Middle East tensions. Trump's rejection of an Iran deal, reported attacks on Saudi energy infrastructure and disruptions near the Strait of Hormuz heightened supply concerns.
Global crude oil prices climbed above $95 per barrel on Friday as escalating tensions in the Middle East raised concerns over further disruptions to energy supplies.
US President Donald Trump's rejection of a potential agreement with Iran added to market uncertainty, while reported attacks on Saudi Arabian oil infrastructure intensified fears of a prolonged regional conflict.
Brent crude traded at $95.74 per barrel, compared with around $92 when Indian equity markets closed on Thursday.
US West Texas Intermediate (WTI) crude futures stood at $88.49 per barrel.
Saudi Oil Infrastructure Comes Under Attack
The latest rally began late Thursday following reports of attacks targeting Saudi energy facilities and growing disruptions to shipping through the Strait of Hormuz.
Yemen's Iran-backed Houthi group claimed responsibility for strikes targeting a pumping station along Saudi Arabia's East-West oil pipeline, an energy facility in Yanbu and an Aramco building in Riyadh.
The Saudi-led military coalition subsequently reported intercepting two Houthi drones, one over Riyadh and another in the oil-producing Eastern Province.
Meanwhile, Iran's military claimed that explosions struck four oil tankers in the Strait of Hormuz after the vessels allegedly ignored warnings.
The reported incidents increased concerns about the security of shipping routes crucial to global energy trade.
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Trump Rejects Iran Agreement
Trump said the United States no longer needed an agreement with Iran, reinforcing uncertainty surrounding diplomatic efforts to ease regional tensions.
His comments came as oil markets remained sensitive to potential disruptions in Gulf production and shipping.
Goldman Sachs has reportedly raised its oil price outlook, warning that Brent crude could reach $140 per barrel in 2027 under a severe supply disruption scenario.
According to Reuters, the investment bank estimated that Brent could average approximately $130 during 2027 if Gulf production remained 3.5 million barrels per day below its 2025 average.
Although prices have retreated from earlier peaks, geopolitical risks continue to influence crude oil markets.
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