Oil settled more than $3 higher, with Brent up 3.14% to $116.72 a barrel and WTI up 3.8% to $103.27, their highest settlements since April. Houthi attacks in Saudi Arabia and an oil spill off the UAE coast raised concerns about supply disruptions.
Brent crude futures settled at $116.72 a barrel, up $3.55, or 3.14%, their highest since April 29. West Texas Intermediate closed at $103.27, up $3.80, or 3.8%; Brent rose 6% for the week and WTI gained 2.3%.
Prices rose after Houthi attacks in Saudi Arabia, including on energy infrastructure, stoked concern about further disruption to Middle East supplies. UAE authorities also reported an oil spill off Umm Al Quwain but did not identify the tanker involved or say what caused it. Shipping sources said the Gem No. 2 supertanker was struck by an unidentified projectile near the UAE on October 9.
The US Department of Energy authorized an emergency exchange of up to 400,000 barrels from the Strategic Petroleum Reserve to address a supply disruption affecting Phillips 66's Lake Charles refinery. US energy firms kept the total oil and gas rig count unchanged at 603 for the week ended October 23, Baker Hughes said.
