Oil prices rise as supply concerns linger after Houthi attacks on Saudi Arabia
USO•Brent crude rose 0.5% to $113.75 a barrel and U.S. West Texas Intermediate gained 0.7% to $100.13 as Houthi attacks on Saudi Arabia raised concerns about energy supplies.
1. Oil prices climb
Brent crude futures rose 58 cents to $113.75 a barrel, while U.S. West Texas Intermediate futures gained 66 cents to $100.13 as of 0439 GMT. Brent was set to post a third consecutive weekly gain, while WTI was on track to finish lower after two weeks of gains.
2. Supply risks in focus
Houthi attacks in Saudi Arabia raised concerns about further disruption to Middle East energy supplies. Saudi Aramco reportedly ordered the evacuation of its headquarters in Dhahran on Thursday as fighting intensified. Analysts said renewed escalation could threaten oil flows and keep a geopolitical risk premium in prices.
3. Other disruptions
Clashes between the Houthis and a Saudi-led coalition have continued near Bab el-Mandeb, a shipping chokepoint at the mouth of the Red Sea. In Libya, a pipeline valve serving the Hamada and Tahara oilfields was shut, reducing production at both fields, the head of the National Oil Corporation said.
