Oil Climbs as Saudi Isolation Grows Over Missing Regime Critic
- Trump says ‘very severe’ consequences in store for culprits
- Khashoggi disappearance casting long shadow over crude market
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Oil rose from a one-month low after U.S. President Donald Trump promised “very severe” consequences in the case of a missing critic of Saudi Arabian leaders.
Futures gained 0.7 percent in New York on Friday, trimming its weekly loss to 3.1 percent. Trump’s remarks came as multiple investigations into Jamal Khashoggi’s disappearance dragged on more than two weeks after he entered the Saudi consulate in Istanbul. Ex-U.S. solicitor-general Ted Olson’s law firm said it is no longer lobbying on behalf of the kingdom, and noted oil IHS Markit Ltd. analyst Dan Yergin won’t attend the ‘Davos in the Desert’ event in Saudi Arabia.