Oil prices edged higher in Asian trade on Thursday after days of turbulence, wit...
SINGAPORE - Oil prices edged higher in Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend.
The steadying of nerves came after Saudi Arabia set out the timeline to resume full operations, and also said it had managed to restore supplies to customers at levels prior to the attacks by drawing from its oil inventories. U.S. President Donald Trump said there were many options short of war with Iran and added that he had ordered the U.S. Treasury to “substantially increase sanctions” on Tehran. Iran has denied involvement in the strikes.
While tensions in the Middle East remained elevated, the White House’s response on Wednesday to Saudi producing evidence that it said implicated Iran in the attacks pointed to a more measured approach in handling the region’s issues, said McCarthy at CMC Markets.
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