NEW YORK: Oil prices rose by more than $3 a barrel on Friday, reaching their highest settlement levels in nearly six months as Houthi attacks in Saudi Arabia heightened concerns over disruptions to Middle Eastern energy supplies. An oil spill was also reported off the coast of the United Arab Emirates (UAE).
Brent crude futures settled at $116.72 a barrel, gaining $3.55, or 3.14%, to reach their highest level since April 29. US West Texas Intermediate (WTI) crude rose $3.80, or 3.8%, to close at $103.27 a barrel.
For the week, Brent gained 6%, while WTI advanced 2.3%.
Adam Turnquist, chief cross-asset strategist at LPL Financial, said fears of supply disruptions drove the increase after Iranian-backed Houthi rebels carried out a series of attacks across Saudi Arabia, including against energy infrastructure.
On Thursday, Saudi Aramco ordered the evacuation of its headquarters in Dhahran, near the Gulf coast and Bahrain, Reuters reported. The developments came as fighting intensified between Saudi Arabia, the world’s largest crude exporter, and Yemen-based Houthi forces.
Separately, the UAE’s Ministry of Climate Change and Environment reported an oil spill from a tanker off the coast of Umm Al Quwain. The ministry did not specify the cause of the spill, and authorities had not identified the vessel involved.