
The price of oil crosses the threshold of 100 dollars per barrel following drone and missile attacks against Saudi installations, causing repercussions on the economy and financial markets.
Brent crossed $100 a barrel on Wednesday, September 9, after Houthi drone and missile strikes against four cities in southern Saudi Arabia, disrupting energy and crypto markets.
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The Houthi strikes against Saudi Arabia follow ongoing regional tensions and US fire against Iranian oil tankers.
He who sows the wind reaps the storm. This Wednesday, September 9, Brent crossed 100 dollars, an intraday high of $100.19, a first since the end of May. The day before, Tuesday, Houthi strikes had propelled the barrel towards three figures. An ephemeral peak at this level, on July 23, was erased during the following session (closing at $96.78 on the 24th). This time, the threshold holds. The Gulf War finds a new front, on the Saudi side.
Oil soars after Houthi strikes
On Tuesday, drones and ballistic missiles from the Iran-backed Houthi rebels targeted four cities in southern Saudi Arabia, Abha, Jazan, Najran and Khamis Mushait, NPR reports. Fires broke out at Saudi Aramco sites. 73 people were injured, including women and children. The Jazan refinery alone processes 400,000 barrels per day. Major General Turki al-Malki, a Saudi military spokesman, called the assault a serious escalation and promised deterrence measures.
These strikes follow American fire over the weekend against three Iranian oil tankers. Seven months of war. The spiral continues, one blow leads to another.
Hormuz dry, Goldman Sachs reviews its copy
The Strait of Hormuz transported 8 to 9 million barrels per day before fighting resumed on August 30. Since then, flows have reportedly fallen below 2 million. Gulf exports are now around 11 million barrels daily compared to 18 million before the war. Dubai and Oman qualities are already trading between 104 and 105 dollars. Goldman Sachs on Tuesday raised its forecast for Brent by $5, to $85 for December and $80 for 2027, according to a note cited by Reuters. The bank even mentions a scenario beyond 120 dollars in the event of an escalation of attacks against maritime transport, according to Daan Struyven, co-head of commodities research at Goldman Sachs.
The bill is only growing. The real-time meter from the Climate Solutions Lab at Brown University puts the additional energy costs already paid by American consumers at more than $100 billion, at the rate of an additional million dollars every two minutes. Inflation rises with the barrel. It has already reached 3.4% year-on-year in July, with gasoline in the lead with +24.6%, according to the Bureau of Labor Statistics. The August figures fall on Friday.
Bitcoin toasts, but refuses to collapse
On the crypto markets, the bill is also paid. Bitcoin fell to around $78,300 to $78,700 on September 9, after briefly touching $82,283 on September 3. There is nothing mysterious about the mechanism. Sustainably expensive oil is pushing bond yields higher and hardening U.S. rate expectations, two headwinds for the market's riskiest assets. The $80,000 threshold is still resisting the assaults of BTC.
Bitcoin is down around 4% since its peak last week, a contained decline for an energy shock of this magnitude.
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