- Brent fell more than $2 a barrel after hitting $117 on Friday amid fears of escalation in the Middle East conflict.
- Saudi Arabia struck a deal with Singapore to store crude oil in the Jurong Rock Caverns, with deliveries set to begin in H2 2027.
- The storage deal follows Houthi attacks on Saudi infrastructure over the weekend, which included oil facilities among their targets.
- Saudi crude exports have been disrupted, prompting Aramco to use ship-to-ship transfers in the Gulf of Oman and send tankers via the Suez Canal.
Quotes
“This arrangement enhances the resilience of the Saudi crude oil supply chain in Southeast Asia”
“We see the potential for this cooperation to grow further.”