Oil settles higher after Israeli attack on Qatar

https://www.reuters.com/business/energy/oil-settles-higher-after-israeli-attack-qatar-2025-09-09/

NEW YORK, Sept 9 (Reuters) – Oil prices settled higher on Tuesday after the Israeli military said it carried out an attack on Hamas leadership in the Qatari capital Doha, an expansion of its military actions in the Middle East.

Brent crude futures settled 37 cents, or 0.6%, higher at $66.39 a barrel, while U.S. West Texas Intermediate crude futures also climbed 37 cents, or 0.6%, to close at $62.63 a barrel.

Both benchmarks had gained almost 2% shortly after the Israeli attack on Qatar, but gave up the majority of those gains later as the United States assured Doha that such a thing would not happen again on its soil.

"Both the U.S. and Qatar have made it clear they are not seeking further escalation, while the muted reaction from other (Gulf Cooperation Council) members reinforces the view that the risk of a wider regional flare-up remains contained," said Jorge Leon, head of geopolitical analysis at Rystad Energy."

For now, geopolitical risk premiums are easing rather than building," Leon said.

Oil prices also pared some gains because the attack did not create any immediate supply disruption, UBS analyst Giovanni Staunovo said.

The oil benchmarks were trading higher prior to the attack on Qatar, supported by the latest oil output increase from OPEC+ being smaller than anticipated, expectations that China will continue stockpiling oil and concerns over potential new sanctions against Russia.