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Brent oil traded at the highest level since May on Friday. Iran-backed Houthi militants claimed recent attacks on the Saudi Red Sea port of Yanbu, as well as deadly strikes on an oil field and airport in the kingdom.
WTI tests $101 and Brent challenges $115 as falling U.S. crude inventories and persistent Middle East supply disruptions support bullish momentum.
US authorizes emergency release of up to 400,000 oil barrels from strategic reserve
India's Bharat Petroleum profit drops amid crude oil price volatility
Climbing oil prices are unwinding the relief rally in airline shares that followed American Airlines Group‘s (NASDAQ:AAL | AAL Price Prediction) record quarter. American Airlines stock is at $12.06, down 4%, wiping out the previous session's rebound.
Declines in yields ease after a selloff in tech stocks drove investors to Treasuries. Oil heads for a third consecutive weekly gain as escalating attacks on Saudi Arabia stoke supply concerns.
Oil prices hold firm as traders discount steady Middle East exports and focus on Saudi attack risk, shipping disruptions and chart targets.
Kpler's Matt Stanley discusses the divergent recovery in Middle east crude flows and oil products. He says while the Gulf's crude flows have largely recovered to pre-war levels at around 24 million barrels per day, the region's refined products are still 50% below pre-war levels.
SEC filings for UCO aren't indexed yet (common for recently launched funds). Browse the issuer's filings on SEC EDGAR directly.