Brent crude hits more than five-month high on Houthi-Saudi attacks, UAE oil spill
USO•Brent crude touched $115.16 a barrel, its highest since May 4, as Houthi attacks in Saudi Arabia and an oil spill off the UAE coast raised concerns about energy supply disruptions. Brent was up 1.5% at $114.99 and on track for a third straight weekly gain; WTI rose 1.8% to $101.27.
1. Oil prices rise
Brent crude futures gained $1.71, or 1.5%, to $114.99 a barrel by 1300 GMT after reaching $115.16, the highest since May 4. US West Texas Intermediate crude rose $1.80, or 1.8%, to $101.27. Brent was on track for a 4.4% weekly rise, its third in a row, while WTI was poised to finish 0.4% lower for the week.
2. Supply concerns build
Saudi Aramco ordered the evacuation of its headquarters in Dhahran on Thursday as fighting intensified between Saudi Arabia and Yemen-based Houthis. UAE authorities reported an oil spill from a tanker off Umm Al Quwain but did not identify its cause or the vessel. A UBS analyst said the market remained concerned that escalation could trigger renewed supply disruptions.
3. Other supply developments
In Libya, a pipeline valve serving the Hamada and Tahara oilfields was shut, reducing production at both fields, the National Oil Corporation chief said. Separately, ship-tracking data showed the first Russian diesel bound for the US since an export agreement between Moscow and President Donald Trump was aboard a tanker heading to New York.
