Brent crude jumps to highest since April on Houthi attacks, UAE oil spill
USO•Brent crude rose 2.81% to $116.35 a barrel, reaching $117.45, its highest since late April, after Houthi attacks in Saudi Arabia raised supply concerns and an oil spill was detected off the UAE coast. WTI gained 3.52% to $102.97.
1. Prices rise on supply fears
Brent crude futures gained $3.18, or 2.81%, to $116.35 a barrel by 2:06 p.m. ET, after reaching a session high of $117.45. U.S. West Texas Intermediate crude rose $3.50, or 3.52%, to $102.97. Brent was on track for a 6% weekly gain, while WTI was set to finish 1.5% higher.
2. Attacks and spill reported
Houthi attacks in Saudi Arabia, including on energy infrastructure, heightened concern about further disruption to Middle Eastern energy supplies. An oil spill from a tanker was detected off Umm Al Quwain in the UAE; authorities had not identified the vessel or said what caused the spill. Shipping sources said a supertanker was struck by an unidentified projectile near the UAE on October 9.
3. Shipping risks widen
An oil pipeline valve serving Libya’s Hamada and Tahara oilfields was shut on Thursday, reducing production at both fields. Separately, ship-tracking data showed a tanker carrying Russian diesel heading to New York, while Germany’s oil stockpiling agency circulated a tender to sell diesel, heating oil and crude from strategic reserves.
