LONDON: Oil prices rose for a fifth consecutive session on Monday, extending gains from the previous week's more than 3% rise, as U.S. recession fears eased and Middle East supply risks provided support, according to Reuters.
Brent crude futures were up 88 cents, or 1.1%, at $80.54 a barrel by 03:19 p.m. Saudi time, while U.S. West Texas Intermediate crude futures rose $1.06, or 1.38%, to $77.90.
"Support is coming from last week's better than expected U.S. data, which eased fears of a U.S. recession," said IG markets analyst Tony Sycamore.
"There is also a great deal of anxiety about when Iran might look to avenge Israel's assassination of key Hamas and Hezbollah leaders. Feels like a matter of when, not if."
Iran and Hezbollah have vowed to retaliate for the assassinations of Hamas leader Ismail Haniyeh and Hezbollah military commander Fuad Shukr.
"The market is still waiting for Iran's response," said Warren Patterson, ING's head of commodities research.
In addition, the Israeli incursion into Gaza intensified on Saturday when an airstrike on a school compound killed at least 90 people, according to the Gaza Civil Emergency Service, though Israel said the death toll was inflated. Hamas cast doubt on its participation in new ceasefire talks on Sunday.
Brent gained 3.7% last week while WTI rose by 4.5%, buoyed by economic data and increased hopes of a cut to U.S. interest rates.
Three U.S. central bankers said last week that inflation appeared to be cooling enough for the Federal Reserve to cut interest rates as soon as next month.
China's consumer prices rose faster than expected in July, and U.S. weekly jobless claims fell more than expected last week.
On Monday Russia evacuated civilians from parts of a second region next to Ukraine after Kyiv increased military activity near the border only days after its biggest incursion into sovereign Russian territory since the start of the war in 2022.
Undermining price support, OPEC cut its forecast for global oil demand growth in 2024, citing weaker than expected data for the first half of the year and softer expectations for China. It also trimmed its expectations for next year.
Oil Updates — prices extends gains for fifth session on Mideast tensions, US data
https://arab.news/gm6mn
Oil Updates — prices extends gains for fifth session on Mideast tensions, US data
- Brent crude futures were up 88 cents, or 1.1%, to $80.54 a barrel
From 2 hours to 30 minutes: Qiddiya Bullet Train to cut Riyadh travel time by 75%
RIYADH: Qiddiya is set to become significantly more accessible under plans to link the entertainment and tourism hub to King Salman International Airport and the King Abdullah Financial District through the new Qiddiya Bullet Train, Asharq Al Awsat reported.
The project will reduce travel time to around 30 minutes, down from nearly two hours using other transport options, representing a 75 percent cut in commuting time. Operational speeds are expected to reach 250 km per hour, according to the Royal Commission for Riyadh City.
The railway forms part of a broader transport strategy aimed at improving connectivity across the capital and enhancing mobility between key destinations, in line with population growth and urban expansion in western and southwestern Riyadh.
In a related development, the commission announced the awarding of the Red Line extension of the Riyadh Metro to Diriyah. The expansion includes 7.1 km of tunnel and 1.3 km of elevated track, with stations at King Saud University and Diriyah. The latter is expected to serve as a future interchange with the planned Line 7.
Officials estimate the project could remove around 150,000 cars from daily traffic, improving access to tourist destinations such as Bujairi Terrace and Wadi Safar, while supporting more sustainable mobility patterns.
Bandar Al-Saadoun, vice chairman of Khaleejiah Holding, told Asharq Al-Awsat that the Diriyah development ranks among the largest projects under Vision 2030. He pointed to additional landmark initiatives in Wadi Safar, alongside the Opera House project and King Salman Grand Mosque.
He said extending the Red Line along King Abdullah Road to Diriyah would generate strong real estate demand, particularly as the rail network integrates routes from King Salman International Airport through KAFD, Diriyah and the New Murabba development.
Al-Saadoun added that roughly 30 projects have been announced in Qiddiya, raising the prospect of gradual real estate growth along corridors connected to the rail line. The project’s links to major developments — including Expo 2030 Riyadh, New Murabba and The Avenues — as well as the airport, which is expected to become one of the world’s largest by 2030, are likely to reinforce demand.
Real estate analyst Khaled Almobid said large-scale transport projects such as the Qiddiya Bullet Train do more than lift prices; they reshape market structure and asset values over the medium and long term.
Historically, properties within one to three km of transport stations see capital appreciation and rising investment demand, particularly for undeveloped “white land,” which often transitions into higher-density projects, he said.
Almobid expects a dual impact: both redistribution of demand within Riyadh and genuine market expansion driven by what he called “manufactured demand” from Qiddiya, which is projected to attract 17 million visitors and generate 325,000 jobs. He also anticipates a population shift toward western Riyadh and areas surrounding the new stations.
Land prices near Qiddiya have already risen between 30 percent and 40 percent since 2023, reflecting early market anticipation, he said, predicting more sustainable growth once operations begin and prices align with the tangible value of cutting travel time to 30 minutes between the airport, KAFD and Qiddiya.
Residential and tourism-related real estate are likely to lead the next phase, supported by Saudi Arabia’s goal of raising homeownership to 70 percent and attracting 150 million annual visitors by 2030, with mixed-use locations along the rail corridor expected to draw the strongest investment interest.
