Oil settles US$3 higher on attacks on Saudi energy sites, Hormuz strait disruptions
Houthis say they attacked East-West pipeline in Saudi Arabia, Saudi Aramco building
Oil prices surged on Thursday, November 12, after Houthi rebels attacked Saudi energy infrastructure and disrupted shipping through the Strait of Hormuz. Brent futures rose by US$3.06 to US$95.82 a barrel, while US West Texas Intermediate crude increased by US$2.21 to US$88.74 a barrel. Although both benchmarks had dropped about 2.5 percent for the week, the market reacted strongly to the attacks and potential threats to global oil flows.
The Saudi-led coalition reported intercepting and destroying two drones launched by the Houthis, but Iran claimed four oil tankers were hit in the Strait of Hormuz. The attacks have raised concerns among investors about the stability of oil supplies.
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