US officials announced the evacuation of diplomats and their families from Saudi Arabia after a series of Houthi attacks on March 27, 2024, causing Brent crude to surge past $110 a barrel.
The attacks left one person dead and eight wounded at a civilian airport in Dammam, while a drone strike on a Saudi oil field killed two more.
Kpler data shows at least 18 shipping attacks in the past two weeks, extending threats beyond the Strait of Hormuz. LSEG analysts warn Iran is targeting tankers in the Gulf of Oman, jeopardising crude loadings and ship‑to‑ship transfers.
US crude inventories fell by 3.06 million barrels to 412.5 million barrels, a bigger draw than the 820,000‑barrel forecast. Distillate stocks rose 1.68 million barrels to 104.3 million barrels, defying expectations of a 1.16 million‑barrel decline.
Amid escalating tensions, Iran’s foreign minister Abbas Araqchi declared readiness to defend itself, while President Masoud Pezeshkian warned the US could not expect dialogue. The Trump administration offered a loan of up to a third of the 1 million‑barrel emergency heating oil reserve to curb diesel shortages linked to the wars in Iran and Ukraine.
Russian President Vladimir Putin met US Special Envoy Steve Witkoff in St. Petersburg, agreeing to resume US‑mediated peace talks with Ukraine next month. Ukrainian President Volodymyr Zelenskyy welcomed the proposal, hoping talks begin swiftly.
Oil traders now monitor shipping routes and inventory data closely, as the United States’ diplomatic pullback and regional security flare may trigger further price swings in the coming weeks.