Oil jumps $2 on escalating Middle East tension
USO•USO•USO•USO•Brent crude futures rose 2.59% to $111.64 a barrel and U.S. West Texas Intermediate gained 2.31% to $99.39 after attacks in Saudi Arabia heightened concerns about supply disruptions. U.S. crude stocks fell 3.06 million barrels to 412.5 million last week.
Oil prices rallied more than $2 a barrel on Thursday after Houthi attacks in Saudi Arabia heightened concerns about a broader conflict and further crude supply disruptions. Brent futures rose $2.82, or 2.59%, to $111.64 a barrel, while U.S. West Texas Intermediate gained $2.24, or 2.31%, to $99.39.
A drone attack on a Saudi oil field killed two people, while an attack at a civilian airport in Dammam killed one and wounded eight. Iran’s IRGC Navy said seven vessels were hit. U.S. crude stocks fell 3.06 million barrels to 412.5 million last week, compared with analysts’ expectations for an 820,000-barrel draw; distillate stocks rose 1.68 million barrels to 104.3 million.
