On the afternoon of October 12, international oil prices staged a sharp V-shaped rebound. As of 14:55, Brent crude had turned positive and climbed above $104 a barrel, while U.S. crude rose above $91 a barrel. Earlier, both Brent and U.S. crude had fallen more than 2% intraday. Gold and silver continued to plunge, with spot gold falling below $4,200 an ounce.
Cryptocurrencies rallied across the board. Bitcoin climbed above $84,000, up more than 1%; ETH gained more than 2.3%, and SOL rose more than 2.7%. Several other well-known cryptocurrencies, including HYPE and XRP, also advanced.
According to Xinhua, two international oil conferences opened as scheduled on the 11th in Riyadh, the capital of Saudi Arabia. After King Khalid International Airport in Riyadh was attacked four times in the past week by Yemen’s Houthi forces, many international energy giants who had planned to attend withdrew from the conferences. BP said in a statement that its representatives could not attend because of “travel disruption.” Xinhua, citing the Financial Times, reported that the CEOs of U.S. company ExxonMobil, France’s TotalEnergies and the UK’s Shell also opted out.
According to CCTV News, on the 11th local time, Saudi Arabia’s General Authority of Civil Aviation said that King Khalid International Airport in the capital and King Fahd International Airport in Dammam had been attacked again, with some people injured. On the same day, the Houthi movement said that Sanaa International Airport in Yemen had been attacked by Saudi Arabia. The Houthis said they had carried out four rounds of strikes against Saudi Arabia in the past 24 hours and would continue to target Saudi military concentrations. The Saudi-led coalition said it would respond resolutely. Tensions in the region continue to escalate.
The latest news on the Middle East conflict: According to Xinhua, Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said on the 11th that the United States had accepted some of Iran’s conditions for reopening the Strait of Hormuz, but the status of Iran’s other conditions remained unclear.
