Global crude oil futures surged on Thursday to their highest levels since May after Saudi Aramco evacuated its Dhahran headquarters, the US ordered diplomats out of Saudi Arabia, and fresh naval mines struck Gulf shipping.
Global crude oil futures settled mixed on Wednesday after surrendering early $2 gains as prospective Russia–Ukraine peace talks and a surprise US distillate build countered a steep US crude inventory draw and expanding Gulf tanker strikes.
Global crude oil futures settled lower after touching multi-month highs on Tuesday as US–Iran mediation talks in Tehran, returning Russian diesel exports, and a push to reopen shuttered US refineries countered Middle East attacks.