Brent crude rose 3.54% to $117.18 a barrel, its highest since late April, as Houthi-Saudi attacks and an oil spill off the UAE coast raised concerns about supply disruption. Brent was on track for a 6.7% weekly gain.
Brent crude futures gained $4.01, or 3.54%, to $117.18 a barrel by 12:21 p.m. ET, after reaching $117.38, its highest level since the end of April. U.S. West Texas Intermediate rose $3.75, or 3.77%, to $103.22. Brent was on track for a 6.7% weekly rise, its third consecutive weekly gain.
Fighting intensified between Saudi Arabia and Yemen-based Houthis, while UAE authorities reported an oil spill off the coast of Umm Al Quwain. They did not identify the tanker involved or say what caused the spill. An oil analyst said markets were concerned about increased attacks on tankers and that oil flows through the Strait of Hormuz could change at any time.
Libya's National Oil Corp said a pipeline valve serving the Hamada and Tahara oilfields had been shut, reducing production at both fields. Ship-tracking data also showed a tanker carrying Russian diesel bound for New York, the first such shipment since an export agreement between Moscow and Trump.
