Oil prices jump US$3 on Houthi attacks, oil spill, highest settlement since April
Both oil benchmarks ended 2.3% higher for the week
Oil prices surged more than US$3 per barrel on Friday (Oct 24) as Houthi attacks in Saudi Arabia sparked worries about possible disruptions to Middle Eastern energy supplies. Brent crude futures rose to US$116.72 per barrel, marking their highest level in nearly six months, while US West Texas Intermediate crude closed at US$103.27 per barrel, up US$3.80 or 3.8 percent.
Experts attributed the price increase to fears of supply shortages following the Iranian-backed Houthis' strikes on Saudi energy infrastructure. An oil spill was discovered off the UAE coast of Umm Al Quwain, though its origin remains unidentified. The Houthi-Yemeni conflict intensified, with Saudi Aramco evacuating its Dhahran headquarters.
While the US could potentially end hostilities with Iran swiftly, some argue the conflict should gradually wind down.
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