Brent crude climbed toward $99 a barrel on Tuesday, its highest level since July 23, after Saudi Arabia reported attacks that shut down operations at several energy facilities in the south of the country. The state-run Saudi Press Agency said the strikes injured several people. Iran-backed Houthi militants claimed responsibility, saying they had targeted the 400,000-barrel-a-day Jazan refinery along with other facilities that supply the domestic market.
The attacks have intensified concerns about further disruptions to global oil supplies, as Houthi strikes continue and the war involving Iran drags on. Tensions are also escalating around the Strait of Hormuz. Iran said it is close to an agreement with Oman that would establish a temporary safe-passage corridor, but warned that ships in the area still face a risk of attack.
At the same time, Chinese crude oil imports strengthened in August, with refiners stepping up purchases from the Persian Gulf and other regions. These higher import volumes have allowed China to boost exports of refined products, offering some relief to global oil markets.
