Brent crude oil prices exceeded $100 per barrel on Tuesday, reaching $100.03. This increase follows drone and missile strikes by Houthi forces on oil facilities in southern Saudi Arabia, specifically in Abha, Jazan, Najran, and Khamis Mushait. The Jazan refinery, which processes 400 000 barrels daily, was among the affected sites.
Shipping volumes through the Strait of Hormuz have declined significantly, dropping from 8–9 million barrels per day before August 30 to below 2 million. Current Gulf crude exports are approximately 11 million barrels per day, compared to 18 million prior to the conflict. Dubai and Oman crude grades are currently trading between $104 and $105.
Goldman Sachs has adjusted its Brent price forecast, increasing it by $5 to $85 for December and $80 for 2027. The bank noted that prices could surpass $120 if Gulf production remains 4 million barrels per day below pre-war levels. Meanwhile, US consumer prices rose 3.4% in the year to July, with gasoline prices climbing 24.6%.
