Oil jumps on escalating Middle East conflict
USO•Brent rose 3.08% to $112.17 a barrel, its highest since May 18, after Houthi attacks in Saudi Arabia heightened concerns about supply disruptions. U.S. West Texas Intermediate gained 2.76% to $99.83.
1. Prices climb
Brent crude futures rose $3.35, or 3.08%, to $112.17 a barrel by 0818 GMT, after reaching $112.55 earlier in the session. U.S. West Texas Intermediate crude gained $2.68, or 2.76%, to $99.83.
2. Attacks raise supply concerns
Houthi attacks in Saudi Arabia killed two people at an oil field and one at a civilian airport in Dammam, according to the article. Iran's IRGC Navy said seven vessels were hit in the northern Gulf and west of the Strait of Hormuz. A pipeline valve shutdown in Libya also reduced production at two oil fields.
3. Other supply figures
Morgan Stanley analysts estimated Middle East crude exports at around 17 million barrels per day last week. U.S. crude stocks fell 3.06 million barrels last week, the article said.
