Crude Oil Rises After Attack on US Consulate in Saudi Arabia
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Crude oil rose from a three-month low after an attack on the US Consulate in Jeddah, Saudi Arabia, boosted concern that a revival of terrorist attacks in the country might threaten oil shipments from the world&#39;s biggest oil exporter.
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Oil rose above $91 on Thursday, recovering from losses of more than $3 in the past two days, on concerns of escalating Middle East tensions after Israel carried out a missile test.
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Oil prices headed higher after Nigerian locals seized oil pumping stations, with news of an attack on the US consulate in Jeddah, Saudi Arabia, also pushing prices higher, dealers said.
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Attackers stormed the US consulate in Jeddah Monday, killing four Saudi guards and taking 18 local staff hostage, security sources said.
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Saudi officials are blaming a group of al Qaeda militants for an attack on the US consulate in the city of Jeddah that left at least eight people dead.
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-- Crude oil prices spiked above $92 a barrel Friday on tensions in the Middle East and renewed concerns about supply.
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Crude oil climbed more than $1 in New York on the re-election of President George W. Bush, who has been filling the US Strategic Petroleum Reserve.
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Crude oil was little changed after rising 4.5 percent yesterday, the biggest gain in seven sessions, as explosions in Saudi Arabia&#39;s capital increased concern about disruptions to oil supply.
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The US consulate in Jeddah, Saudi Arabia, has been attacked by gunmen, four guards have been killed and 18 hostages have been taken, security sources say.
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LONDON -- Crude oil prices rose yesterday after a deadly attack on an oil facility in Nigeria, and as the US dollar weakened because of speculation of further interest rate hikes in Europe.
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Gunmen stormed the US consulate in Jeddah today in the latest of a stream of attacks against foreigners and foreign interests in Saudi Arabia, many of them blamed on the al-Qaeda network.
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Oil prices rose more than $1 a barrel yesterday after an attack on an oil facility in Iraq and after Saudi Arabia's oil minister said OPEC might decide to cut output again when it meets next month.
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Muslim militants in Saudi Arabia stormed the heavily fortified US consulate in Jeddah Monday, prompting a gun battle that left nine dead, including four gunmen.
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Oil prices increased for a second day on Wednesday after the twin car bombings in the Saudi capital, Riyadh . US light crude oil prices finished at $43.64 a barrel, increasing by $1.87, or 4.47 percent, on the New York Mercantile Exchange.
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RIYADH - The spectacular attack against the US consulate in Jeddah, claimed by the local branch of the Al Qaeda network, came to the backdrop of rising anti-American sentiment in Saudi Arabia, fueled by the ongoing conflict in Iraq.
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Oil prices surged nearly $2 a barrel yesterday following two bombings in the capital of Saudi Arabia and after the US government reported that winter fuel supplies shrank last week.
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The armed attack on the US consulate in the Saudi port of Jeddah served to fan investorsâ anxiety that terrorism in the worldâs largest oil producer could disrupt shipments.