Oil climbs after drone attack in Iran, China’s pledge to promote consumption

A pumpjack as seen in Tatum, New Mexico. (AP file photo)
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Updated 30 January 2023
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Oil climbs after drone attack in Iran, China’s pledge to promote consumption

  • Israel suspected to be behind a Saturday night drone attack on a military factory in Iran
  • China resumes business this week after its Lunar New Year holidays

SINGAPORE: Oil prices climbed in early Asia trade on Monday, supported by tensions in the Middle East following a drone attack in Iran and as Beijing pledged over the weekend to promote a consumption recovery which would support fuel demand.
Brent crude futures rose 54 cents, or 0.6 percent, to $87.20 a barrel by 0115 GMT while US West Texas Intermediate crude was at $80.22 a barrel, up 54 cents, or 0.7 percent.
Israel appears to have been behind an overnight drone attack on a military factory in Iran, a US official said on Sunday.
“It is not really clear yet what’s happening in Iran, but any escalation there has the potential to disrupt crude flow,” said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, are unlikely to tweak its current oil output policy when they meet virtually on Feb. 1.
Still, indication of a rise in crude exports from Russia’s Baltic ports in early February caused Brent and WTI to post their first weekly loss in three last week.
On Saturday, China’s cabinet said it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported.
“We have Russia on the supply side and China on the demand side. Both can swing by more than 1 million barrels per day above or below expectation,” said Grasso, formerly an oil trader with Italy’s Eni.
“China seems to have surprised the market in terms of how fast they are coming out of zero COVID while Russia has surprised in terms of resilience of export volume despite the sanctions.”
China resumes business this week after its Lunar New Year holidays. The number of passengers traveling prior to the holidays rose above levels in the past two years but is still below 2019, Citi analysts said in a note, citing data from the Ministry of Transport.
“Overall international traffic recovery remains gradual, with high-single to low-teens digits to 2019 level, and we expect further recovery when outbound tour group travel resumes on Feb. 6,” the Citi note said.

 

 


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.