Oil prices rose on Friday, with Brent crude touching its highest since early May, after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East
Oil prices rose on Friday, with Brent crude touching its highest since early May, after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East where UAE authorities also reported an oil spill.
Brent crude futures gained $1.71, or 1.5%, to $114.99 a barrel by 1300 GMT, having earlier reached $115.16, the highest level since May 4. US West Texas Intermediate crude gained $1.80, or 1.8%, to $101.27.
The Brent benchmark is on track for a 4.4% weekly rise, its third in a row, while WTI is poised to finish 0.4% down on the week.
Saudi Aramco on Thursday ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported, as fighting intensified between the world's largest crude exporter and Yemen-based Houthis.
An oil spill from a tanker was detected off the UAE coast of Umm Al Quwain, the United Arab Emirates Ministry of Climate Change and Environment said on Friday. It did not say what caused the spill and authorities have not identified the tanker involved.
Shipping sources said on October 9 that the Gem No.2 was struck by an unidentified projectile 13 nautical miles west of Al
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