Brent crude oil prices neared recent highs on Tuesday after Iran-backed Houthi militants claimed attacks on Saudi Arabia and Ukraine struck oil facilities in Russia. The crude oil prices have hit the high of $110 per barrel.
Global benchmark Brent futures lost 31 cents to close at $109.55 per barrel after hitting $110.70 earlier. U.S. West Texas intermediate advanced $2.25 to close at $103.66 per barrel.
On Monday Iran-backed Houthi militants claimed attacks on Saudi Arabia and Ukraine struck oil facilities in Russia. The targets reportedly included an Aramco site in Yanbu, the Shaybah oilfield, King Khalid International Airport in Riyadh and Abha airport.
Prices pulled back from session highs as traders weighed possibly higher Russian supplies hitting the market after U.S. sanctions relief on Friday.
At least 18 vessels were reportedly attacked over two weeks, which keeps the risk premium intact, shiptracker Kpler said in a note.
Friday’s executive order by President Donald Trump waived key Russia-related US sanctions and tariffs, including goods duties and penalties for purchases of its energy.
and two other countries that run on Russian crude shipped 1 billion euros ($1.2 billion) of oil products to sanctioning countries in September, up 43 per cent from August, according to the Centre for Research on Energy and Clean Air (CREA).
Reliance Industries’ Jamnagar refinery in Gujarat accounted for six of the seven shipments received at European Union ports during the month, despite the bloc’s restrictions on importing fuel produced from Russian crude. The report estimated that €295 million worth of the oil products exported by the three countries had been refined from Russian crude.
In a separate development, the state-run (OMCs) have excluded ethanol produced from sugarcane juice, sugar syrup and B-heavy molasses from their latest procurement tender for the 2026-27 supply year, as the government seeks to balance its petrol-blending targets with the need to maintain adequate domestic sugar availability.