An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
Shares of defense companies rose on Monday after the United States military was put on alert by President Donald Trump.Marketsread more
Stocks fell on Monday amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
A new research study by the Digital Citizens Alliance shows how easy it is to buy illegal steroids or appearance and performance enhancing drugs (APEDs)Cybersecurityread more
An attack on Saudi Aramco's key oil facility raises questions about whether the schedule for the company's initial public stock offering will go ahead as planned.Energyread more
President Donald Trump signaled Iran is not telling the truth about the drone attacks on Saudi Arabia's largest oil facilities.Oilread more
U.S. Secretary of Energy Rick Perry spoke to CNBC's "Squawk on the Street" on Monday following a series of drone attacks on Saudi Arabia's oil facilities caused the largest...Oilread more
Perry says it's too soon to say whether the U.S. will need to use its emergency crude reserves to offset the surge in oil prices.Oilread more
Consumers in the U.S. prefer Apple's more expensive models, while the standard iPhone 11 appears to be more attractive to buyers in China, according to analyst Ming-Chi Kuo.Technologyread more
The Times updated an article detailing a previously unreported accusation against Supreme Court Justice Kavanaugh from when he was a Yale University student, noting that "the...Politicsread more
Crude futures were seen hovering close to multi-year highs during early afternoon deals, after a bigger-than-expected drop in U.S. stockpiles added to a rally fueled by a major Canadian supply outage, concerns about Libya’s exports and efforts by the Trump administration to cut off funds from Iran.
“We are in a very attractive oil price environment and our house view is that oil will hit $90 by the end of the second quarter of next year,” Hootan Yazhari, head of frontier markets equity research at Bank of America Merrill Lynch, said.
“We are moving into an environment where supply disruptions are visible all over the world… and of course President Trump has been pretty active in trying to isolate Iran and getting U.S. allies not to purchase oil from Iran,” he added.
International benchmark Brent crude traded at around $78.18 on Thursday, up around 0.7 percent while U.S. West Texas Intermediate (WTI) stood unchanged at $72.72.
On Tuesday, the U.S. demanded that all countries halt imports of Iranian crude from early November. The Trump administration’s hardline position comes as part of a broader push to try to further isolate Tehran both politically and economically.
Nonetheless, most major importers of Iranian crude have balked at Washington’s almost unilateral policy towards Iran.
The move followed OPEC’s decision to ramp up crude production last week. The Middle East-dominated cartel is looking to moderate oil prices after a rally of more than 40 percent over the last 12 months.
The 14-member producer group took action as Venezuela's dwindling output, the looming disruptions to Iran's supplies, and production declines elsewhere raised concerns about crude futures rising enough to dent global demand.
“Saudi Arabia is genuinely worried, perhaps even panicked, about supply losses from Iran — something it simply cannot be seen to say publicly — and the likely price spike that will result,” analysts at Energy Aspects said in a research note published Thursday.
— CNBC’s Tom DiChristopher contributed to this report.