Oil rises amid supply concerns following Houthi attacks on Saudi Arabia
Agencies1 min read
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Oil prices rose on Friday after the aggression launched by the Houthis against Saudi Arabia sparked fears of further disruptions to energy supplies from the Middle East.
By 04:39 GMT, Brent crude futures rose 58 cents, or 0.5%, to $113.75 a barrel, and US West Texas Intermediate crude futures increased 66 cents, or 0.7%, to $100.13.
Brent crude, which settled on Thursday at its highest level since May 4, is heading to end the week's trading with a gain for the third consecutive week. West Texas Intermediate crude is heading for a decline, ending a two-week winning streak.
Reuters reported that Saudi Aramco ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain on Thursday, as fighting intensified between the world's largest crude oil exporter and the Houthis in Yemen.