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+---- Thread: Crude Oil Price Rebounds to $73 over Middle East Tensions (/showthread.php?tid=17362)
Crude Oil Price Rebounds to $73 over Middle East Tensions - Edoman - 05-17-2019
Crude Oil Price Rebounds to $73 over Middle East Tensions
May 17,
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[url=https://www.thisdaylive.com/index.php/2019/05/17/crude-oil-price-rebounds-to-73-over-middle-east-tensions/#]
![[Image: b65171c9-crude-oil-increase-696x522.jpg]](https://storage.googleapis.com/thisday-846548948316-wp-data/wp-media/2018/09/b65171c9-crude-oil-increase.jpg)
Ejiofor Alike with agency reports
Crude oil price Thursday rose for a third day running rebounding to $73.28 per barrel as fears of supply disruption amid heightened tensions in the Middle East overshadowed swelling United States crude inventories.
While the global benchmark, Brent settled at $73.28, after rising by $1.51and heading for the biggest weekly rise in about three months, the US West Texas Intermediate (WTI) crude rose by 83 cents to $62.85.
Brent had in the recent months hit $76 before it slumped to $70 per barrel.
Brent had in the recent months hit $76 before it slumped to $70 per barrel.
Crude oil price was drawing support from the risk of conflict in the Middle East, with helicopters carrying US staff from the US embassy in Baghdad on Wednesday out of apparent concern over perceived threats from Iran.
Reuters also reported that Saudi Arabia’s Deputy Defence Minister, Prince Khalid bin Salman, a son of King Salman, Thursday accused Iran of ordering an attack on Saudi oil pumping stations that Yemen’s Iran-aligned Houthi militia has claimed responsibility for.
The attack “proves that these militias are merely a tool that Iran’s regime uses to implement its expansionist agenda,” tweeted Prince Khalid bin Salman.
The attack “proves that these militias are merely a tool that Iran’s regime uses to implement its expansionist agenda,” tweeted Prince Khalid bin Salman.
“The terrorist acts, ordered by the regime in Tehran, and carried out by the Houthis, are tightening the noose around the ongoing political efforts.”
The Houthis, which have been battling a Saudi-led military coalition for four years, said they carried out Tuesday’s drone strikes against the East-West pipeline, which caused a fire but Riyadh said did not disrupt oil output or exports.
However, the Head of the Houthis’ Supreme Revolutionary Committee, Mohammed Ali al-Houthi, has denied that Iran directed the strike and said the movement manufactures its drones locally.
However, the Head of the Houthis’ Supreme Revolutionary Committee, Mohammed Ali al-Houthi, has denied that Iran directed the strike and said the movement manufactures its drones locally.
Tehran has also reportedly denied providing arms to the Houthis.
“We are not agents for anyone,” Mohammed Ali al-Houthi told Reuters.
“We make decisions independently and do not take orders for drones or anything else.”
“We are not agents for anyone,” Mohammed Ali al-Houthi told Reuters.
“We make decisions independently and do not take orders for drones or anything else.”
Other Saudi officials have also reportedly fired off similar tweets, ratcheting up pressure on the kingdom’s regional arch-enemy amid heightened tension between Washington and Tehran over sanctions and US military presence in the Gulf.
“The Houthis are an integral part of the Revolutionary Guard forces of Iran and follow their orders, as proven by them targeting installations in the kingdom,” Saudi’s Minister of State for Foreign Affairs Adel al-Jubeir tweeted.
The country’s Ambassador to Yemen followed up, writing that the Houthis had “made Yemen a platform for Iranian terrorism against Yemenis and their interests, and a tool to attack Saudi Arabia.”
Saudi Arabia’s main English newspaper called for “surgical strikes” against Iran.
“Our point of view is that they must be hit hard,” said an Arab News editorial. “We call for a decisive, punitive reaction to what happened so that Iran knows that every single move they make will have consequences.”
“Our point of view is that they must be hit hard,” said an Arab News editorial. “We call for a decisive, punitive reaction to what happened so that Iran knows that every single move they make will have consequences.”
The coalition, which receives arms and intelligence from Western nations, carried out air strikes yesterday in and around Yemen’s capital Sanaa, which the Houthis control.
The drone attack reportedly happened two days after four vessels, including two Saudi oil tankers, were damaged by sabotage off the coast of the United Arab Emirates.