🚨🇸🇦🇺🇸 Oil is back near two-week highs amid ongoing attacks on Saudi Arabia...
Brent hit $106.19 a barrel, the highest since Sep 29!
The market is rattled after a Houthi strike on Riyadh airport left 13 dead and over 300 wounded.
More tankers have also been hit this month, including a drone strike near Oman’s Sohar.
Goldman jacked up its December Brent target to $90 from $85, with a risk premium of just over $20, and forecasts WTI at $81 in December and $73 in 2027.
Trump’s answer is Russian diesel, and the 500,000 tons Moscow is releasing equals roughly ONE DAY of U.S. consumption.
He also announced an "energy ceasefire" with Ukraine, although Zelensky says Russia already violated it…
Source: Reuters / Writer: Bri
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Saleh Almenawer, MD @SalehAlmenawer ·
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$106 is the headline.
This is the actual problem.
7.25 months in. World storage: 10 → 6 billion barrels. Down 40%.
US SPR: 415 → 284 million. Lowest since 1982.
IEA stocks: 400 → 75 million. Almost gone.
Aramco’s CEO called what’s left “scarily thin.” Most of it can’t even be pulled and used.
Trump’s Russian diesel covers roughly one day of U.S. demand.
Houthi hits on Riyadh and tankers near Oman aren’t just adding a risk premium. They’re hitting a market that already burned its buffer.
The next real disruption doesn’t get absorbed.
It gets fully priced.

















































