Oil prices rose more than $2 a barrel on Thursday as attacks on Saudi energy sites and Strait of Hormuz shipping disruptions threatened supplies. Brent gained 2.63% to $95.20, while U.S. crude rose 1.92% to $88.19.
Brent futures rose $2.44, or 2.63%, to $95.20 a barrel, while U.S. West Texas Intermediate crude gained $1.66, or 1.92%, to $88.19. Both benchmarks were still on track to end the week about 3% lower, after rebounding from earlier losses.
Yemen’s Iran-aligned Houthis said they attacked a pumping station on Saudi Arabia’s East-West oil pipeline and an oil facility in Yanbu. The group also claimed an attack on a Saudi Aramco building in Riyadh, with no immediate Saudi confirmation. Iran’s military said four oil tankers were hit by explosions in the Strait of Hormuz; the accounts could not immediately be verified.
Ukraine said its drones hit Russia’s Ust-Luga port area, damaging part of its fuel-tank network. OPEC+ data showing higher crude production in October and U.S. data showing increases in crude, gasoline and distillate inventories weighed on prices earlier in the session.
