Houthi Attacks Drive Oil Prices to Five-Month High
Brent climbed to a near six-month high as Houthi strikes in Saudi Arabia deepened fears of wider Middle East supply disruptions, analysts said.
- On Thursday, Brent crude futures climbed $3.19, or 2.9%, to $112.01 a barrel, while US West Texas Intermediate crude gained $2.41, or 2.5%, to $99.56 amid escalating Middle East conflict.
- Escalating hostilities drove the surge, with Yemen's Houthi rebels striking Saudi Arabia on Wednesday, killing at least three people, while the Islamic Revolutionary Guard Corps Navy reported fires on vessels in the Persian Gulf.
- Saudi Aramco instructed staff in Dhahran to evacuate and work remotely today, while the State Department ordered diplomats to leave missions in Saudi Arabia as production dropped at Libya's Hamada oilfield following a pipeline shutdown.
- The Trump administration is offering to loan up to nearly a third of the 1-million-barrel US emergency heating oil reserve, the Department of Energy said Wednesday, seeking to contain surging prices from diesel shortages.
- "No de-escalation is anticipated until the US midterm elections," PVM Oil analyst Tamas Varga said, noting that regional attacks continue to counter reports of crude exports exceeding pre-conflict levels.
123 Articles
123 Articles
Attacks in Saudi Arabia and worries about the Strait of Hormus drive the oil price. Learn what this means for petrol stations, fuel oil customers and the markets.
Oil hits six-month high
Ongoing Houthi attacks on Saudi Arabia have raised concerns about further disruptions to global energy supplies, especially after Saudi state oil company Aramco ordered the evacuation of its headquarters on Thursday. And the situation could get worse: The US and Israel are reportedly discussing renewed new strikes on Iran after the US midterms in November, which could trigger another round of Iranian retaliation against Gulf energy infrastructur…
Oil prices extend rally to near six-month high amid Houthi attacks on Saudi Arabia
Brent crude futures touched an intraday high of $114.94 a barrel on Friday after Houthi attacks on Saudi Arabia’s civilian and energy infrastructure, with India’s crude basket averaging $120.08 so far this month; Adani Total Gas raised CNG prices by ₹4.45 per kg
Operators follow closely reports of ships attacked in the Persian Gulf and Houthi offensives against facilities in Saudi Arabia.
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