Oil rises on supply concerns as Houthis attack Saudi Arabia
Brent crude rose 0.75% as traders priced in supply risks, with the month on track for nearly a 14% gain, Reuters reported.
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Oil prices rise as Houthi attacks on Saudi Arabia stoke supply fears; Brent nears $116
Crude oil prices are increasing as Brent crude surpasses $115 per barrel amid escalating tensions. Attacks by Yemen’s Houthi group on Saudi oil sites raise fears of supply disruptions. Efforts for diplomatic negotiations between Washington and Tehran remain unyielding, contributing to market uncertainty. Meanwhile, Iranian reports of maritime incidents further heighten security concerns in the Gulf region.
Singapore: Oil prices rose at the beginning of Friday's dealings because of concerns about supply shortages after the Houthis in Yemen stepped up their attacks on Saudi Arabia, heading towards prices for gains for the fourth consecutive month, the largest since July. By 0122 GMT, Brent's future contracts had gone up 86 cents or 0.75 percent to $115.74 per barrel.
Oil prices rose on Friday, driven by attacks on Saudi Arabian energy facilities by Iranian-backed Houthi rebels in Yemen and concerns about supply disruptions in the Middle East.
Brent's pots were over $115 a barrel.
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