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Oil prices rose by about 2% on Wednesday, as fighting continued in Yemen and after an attack on a refinery in Saudi Arabia, the world's largest crude exporter, renewed concerns over risks threatening Middle East supplies.
Brent crude futures increased by $1.81, or 1.6%, to $115.69 a barrel. U.S. West Texas Intermediate crude rose $2.52, or 2.5%, to $102.42 a barrel.
The price increase pushed Brent back into overbought territory for the fourth time in 5 days.
Government officials said that the Yemeni Houthi group attacked Aden airport today after ordering residents to evacuate it.
Dennis Kissler, senior vice president of trading at U.S. financial services firm BOK Financial, said in a note: "Crude oil futures are once again preempting near-term supply tightening in light of news indicating that the United States may soon resume military operations, which could be more intense than in the past given the latest attacks on Saudi Arabia and other allies in the Middle East."
The U.S. Energy Information Administration said on Wednesday that energy companies drew 1.9 million barrels of crude oil from storage during the week ending October 23.
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