Brent Crude At $116, WTI Tops $103 As Houthis Continue To Attack Saudi Arabia
Crude oil prices rose on Friday as Houthi attacks on Saudi Arabian energy facilities heightened supply concerns. Brent climbed to $116, while WTI reached $103. Both benchmarks headed for their fourth consecutive monthly gain. Strait of Hormuz security threats and uncertain US-Iran diplomatic efforts added to market concerns over supplies
Global crude oil prices advanced in early trading on Friday as escalating Houthi attacks on Saudi Arabia raised concerns about potential disruptions to Middle Eastern energy supplies.
Brent crude gained over 1% to $111.10 a barrel, while US West Texas Intermediate (WTI) increased 1.2% to reach $103.
Both benchmarks were heading towards their fourth consecutive monthly increase, potentially their strongest monthly performance since July.
Brent was set to gain nearly 14% during October, while WTI was on course for a 15% rise and its first monthly close above $100 since April.
Houthi Attacks On Saudi Oil Facilities Raise Supply Concerns
Yemen's Iran-aligned Houthis claimed on Thursday that they had targeted several Saudi Arabian energy installations.
The reported targets included the Ras Tanura refinery, the Rabigh refinery and a Saudi Aramco facility in Abqaiq.
Separately, a Saudi-led coalition said it had intercepted a Houthi cruise missile heading towards the kingdom's western region.
The developments intensified concerns about regional energy infrastructure and the security of crude oil supplies.
Meanwhile, Iran's Revolutionary Guards claimed that three tankers struck sea mines, exploded and caught fire while attempting to travel through an unauthorised route south of the Strait of Hormuz.
US-Iran Diplomatic Efforts Remain Uncertain
US President Donald Trump said Vice President JD Vance had contacted Iran to assist with medical supplies.
US media reports suggested Vance had also written to Tehran's senior security official seeking to revive peace negotiations.
Iran's semi-official Tasnim news agency reported that Tehran had received the letter but had not responded.
The report added that Iran expected Washington to meet its conditions before further diplomatic progress.
Regional security concerns have also affected industry travel plans.
According to two sources cited by Reuters, ExxonMobil and Chevron cancelled plans for their executives to attend a major oil industry exhibition in the United Arab Emirates next week.
The developments kept attention focused on regional supply risks and diplomatic negotiations.
RECENT STORIES
-
-
-
-
-