Oil prices rebounded last week after the largest weekly decline since March, easing concerns about high-interest rates and their impact on global demand.
A normalisation of Saudi-Israeli relations would likely freeze recent moves toward detente between Saudi Arabia and Iran. / Photo: Reuters Archive
The surge in oil prices reversed last week's downward trend — the largest weekly decline since March — in which Brent fell about 11 percent and WTI retreated more than 8 percent amid concerns about high-interest rates and their impact on global demand. The eruption of violence threatens to derail US efforts to broker a rapprochement between Saudi Arabia and Israel, in which the kingdom would normalise ties with Israel in return for a defence deal between Washington and Riyadh.Saudi officials had reportedly told the White House on Friday that they were willing to raise output next year as part of the proposed Israel deal.
The attacks drew condemnation from Western nations but were openly praised by Iran and by Hezbollah, Iran's allies in Lebanon.
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