Oil rises on supply concerns as Houthis attack Saudi Arabia
USO•Brent rose 0.75% to $115.74 a barrel and WTI gained 0.71% to $102.72 after Houthi attacks on Saudi sites raised supply concerns. Brent was on course for a nearly 14% monthly gain, while WTI was heading for a 15% jump.
1. Oil prices climb
Brent crude futures rose 86 cents to $115.74 a barrel and U.S. West Texas Intermediate futures gained 72 cents to $102.72. Brent was on track for a fourth consecutive monthly gain, its steepest since July, while WTI was set to close above $100 for the first time since April.
2. Regional supply concerns
The Houthis said they attacked several sites in Saudi Arabia, including the Ras Tanura and Rabigh refineries and an Aramco facility in Abqaiq. A Saudi-led coalition said it intercepted a cruise missile launched toward the kingdom’s western region. MST Marquee energy research head Saul Kavonic said continued action around the Strait of Hormuz and doubts about diplomacy were keeping prices elevated.
3. Conflict and travel plans
Iran’s Revolutionary Guards said three tankers hit sea mines and caught fire while attempting to use an unauthorized route south of the Strait of Hormuz. ExxonMobil and Chevron cancelled plans for executives to travel to the United Arab Emirates’ biggest oil show next week.
