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Crude Climbs as Saudis Suspend Shipments After Tanker Attack

  • Oil tankers halted in key strait after Houthi militia assaults
  • Goldman says crude prices likely to retest $80 later this year
Saudi Aramco Facilities

Source: Saudi Aramco

Updated on

Crude advanced as an attack on Saudi Arabian tankers combined with dwindling U.S. stockpiles helped bulls push oil higher.

Futures in New York rose 0.5 percent on Thursday. The geopolitical risk premium in the market crept higher as Saudi Arabia temporarily halted oil shipments via the Bab el-Mandeb Strait after it said two tankers were attacked by Yemeni Houthi militia. Adding fuel to the rally are U.S. crude inventories at the lowest since 2015 and softening trade tensions between the U.S. and the European Union.