Oil swings on Saudi attacks, Russia sanctions relief

· Finance · Saudi Arabia · Russia

Brent crude topped $109 after Iran-backed Houthi militants claimed attacks on Saudi airports and Aramco facilities, while Ukraine struck oil facilities in Russia. Oil futures later pulled back from Friday's gains as President Trump waived newly imposed sanctions on Russia, though Middle East supply risks kept prices elevated. The renewed hostilities have also led Saudi Arabia to postpone its major investor conference, and the volatility is feeding through to refiners: Citgo raised its 2026 operating profit outlook by $2 billion on surging fuel margins, while New Zealand's outlook points to faster inflation and possible rate hikes due to weaker currency and surging oil prices.

Why it matters：Renewed Middle East conflict and shifting sanctions on Russia are driving energy prices, refining margins and inflation expectations — directly shaping central bank policy and corporate costs worldwide.

Key points

  • Brent topped $109 a barrel after the claimed attacks.
  • Trump waived newly imposed Russia sanctions, easing futures.
  • Citgo raised its 2026 profit outlook by $2 billion on fuel margins.

Sources (original reporting)

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