Oil rises nearly 2% as Saudi vows action against threats

Oil prices rose nearly two percent on Monday, after Saudi Arabia issued a statement rejecting threats to undermine the Kingdom and affirming its role in the global economy. 

International benchmark Brent crude futures were last trading up 1.3 percent, at $81.44 per barrel, while the US West Texas Intermediate (WTI) crude futures were up 0.9 percent, to $72.13 a barrel.

Saudi Arabia on Sunday announced its “total rejection of any threats and attempts to undermine it,” either through economic sanctions, use of political pressure, or false accusations, according to a statement by the Kingdom’s information ministry.   

Meanwhile, South Korea stopped importing Iranian oil for the first time in years from September, Reuters reported

“South Korea’s move to stop Iran oil imports is giving the market confidence on prices,” the news wire quoted Chen Kai, head of research at brokerage Shengda Futures, as saying.

The US government is slated to impose sanctions on Iran’s crude oil exports from Nov. 4. However, a US government official has said that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.