Oil hits 5-month high as Houthi attacks stoke supply fears
NEW YORK — Oil prices climbed about 2 percent to a five-month high on Thursday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the key exporting region. Brent futures rose $2.42, or 2.2 percent, to $111.24 a barrel at 10:45 a.m. EDT (1445 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.14, or 1.2 percent, to $98.29. That drove Brent…
Oil prices surged approximately 2 percent to a five-month high on Thursday, following Houthi attacks in Saudi Arabia that raised worries about further disruptions to energy supplies from the vital exporting region. Brent futures increased by $2.42, or 2.2 percent, to $111.24 per barrel at 10:45 a.m. EDT, while U.S. West Texas Intermediate (WTI) crude rose $1.14, or 1.2 percent, to $98.29.
This pushed Brent into technically overbought territory for the third consecutive week and set a record high since May 18. Saudi Aramco instructed staff to evacuate its headquarters in Dhahran, located near Bahrain, as the fighting between the world's largest crude exporter and Yemen's Houthi rebels escalates. The confrontations between the Houthis and the Saudi-led coalition supporting Yemen's internationally recognized government have been ongoing since the Iran-aligned group advanced towards Bab el-Mandeb, a critical shipping bottleneck at the Red Sea's entrance.
Despite reports of Middle East crude oil exports surpassing pre-conflict levels, attacks on vessels in the Strait of Hormuz and Houthi strikes on ships in the region have largely been offset by these disruptions.
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