Oil settled higher on Thursday, with Brent up $3.06 to $95.82 a barrel and U.S. WTI up $2.21 to $88.74, as attacks on Saudi energy infrastructure and Strait of Hormuz shipping disruptions raised concerns about global oil flows.
Oil prices settled higher on Thursday after attacks on Saudi energy infrastructure escalated and shipping disruptions through the Strait of Hormuz threatened global oil flows. Brent settled up 3.3% at $95.82 a barrel, while U.S. West Texas Intermediate closed up 2.6% at $88.74. Both benchmarks were still down about 2.5% for the week.
Yemen’s Iran-aligned Houthis said they attacked a pumping station on Saudi Arabia’s East-West oil pipeline, an oil facility in Yanbu and an Aramco building in Riyadh. Saudi Arabia’s military coalition said it intercepted and destroyed two drones launched by the group. Iran’s military said four oil tankers were hit by explosions in the Strait of Hormuz; those accounts could not be immediately verified.
OPEC+ data showed crude production rose in October, driven by higher Saudi Arabian output. U.S. crude, gasoline and distillate inventories also rose last week, the Energy Information Administration said. Ukraine said its drones hit the port area of Ust-Luga in Russia, damaging part of its network of fuel tanks.
