$120 Oil Is Almost Here, and Trump Has Few Good Options

Tom majored in International Business at Amsterdam’s Higher School of Economics and later completed an Executive MBA in Energy Transition at the University of Groningen.…

Brent crude nears $120 as escalating Saudi-Houthi tensions fuel another weekly oil price rally, putting fresh pressure on Trump.

The slow creep of oil prices towards the $120 per barrel mark is a nightmarish scenario for US President Trump, even though there has been little fundamental change in the crude oil markets. A slight drop in freight rates and a ubiquitous flattening of backwardated curves lowered differentials of most grades globally, offsetting some of the pressures coming from higher crude benchmarks. Be that as it may, an escalating Saudi-Houthi conflict paved the way for another 4% weekly gain, with ICE Brent trading around $117 per barrel.

First Russian Diesel Cargo Heads for New York. A non-sanctioned tanker, the Maltese-flagged Agioi Fanendes, left Russia’s Baltic Sea port of Primorsk with New York listed as its destination, marking the first diesel cargo under Trump’s deal with Moscow with final delivery expected on November 7.

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