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Commodities

Commodities

Oil Surges Past $90 as Houthis Threaten Saudi Red Sea Exports

Oil prices surged past $90 per barrel after Yemen's Houthi rebels declared a maritime blockade on Saudi vessels, threatening Red Sea exports. Brent crude rose 1.8% to $90.85, while WTI gained 1.8% to $83.97. Saudi Arabia has increased Yanbu exports to 4 million b/d, with 2.5 million b/d at risk from Houthi action.

2 min
Commodities

Adnoc Unveils $6.2B Umm Shaif Gas Cap Investment

Adnoc has taken a $6.2 billion final investment decision to develop the Umm Shaif gas cap, unlocking over 600 million scfd of natural gas and associated liquids. The project, with partners TotalEnergies, Eni and CNPC, includes $5.1 billion in EPC contracts and a 14-well drilling programme, with production expected by 2030.

3 min