Oil climbs over $1 on more Houthi attacks in Saudi Arabia
USO•Oil prices rose more than $1 a barrel on Thursday after Houthi attacks in Saudi Arabia raised concerns about supply disruptions. Brent gained 1.77% to $110.75 a barrel, and U.S. crude stocks fell 3.06 million barrels to 412.5 million barrels last week.
1. Prices rise on attacks
Brent crude futures rose $1.93, or 1.77%, to $110.75 a barrel, while U.S. West Texas Intermediate crude gained $1.43, or 1.47%, to $98.58. The moves followed attacks in Saudi Arabia, including a drone strike at an oil field that killed two people and an airport attack in Dammam that killed one person and wounded eight.
2. Inventory figures diverge
U.S. crude stocks fell 3.06 million barrels to 412.5 million barrels last week, compared with analysts’ expectations for a draw of 820,000 barrels. Distillate stockpiles rose 1.68 million barrels to 104.3 million, while analysts had expected a 1.16 million-barrel decline.
3. Further regional concerns
Iran’s Islamic Revolutionary Guard Corps Navy said four vessels involved in oil transfers were hit and caught fire, and three more vessels collided with mines west of the Strait of Hormuz. The U.S. State Department plans to withdraw family members from a number of other U.S. missions in the region, U.S. officials said.
