Oil prices jump as Gulf tensions rise after Houthi attacks on Saudi Arabia
Brent and WTI rose on Friday amid growing concerns of energy supply disruptions after Houthi attacks on Saudi Arabia, reaching $115 and $100.67 per barrel.
Oil prices continued to rise during Friday trading, driven by concerns about potential disruptions to energy supplies from the Middle East following Houthi attacks on Saudi Arabia and rising security tensions in the Arabian Gulf region.
Futures for Brent and U.S. West Texas Intermediate (WTI) rose as markets grew more worried that the confrontations could widen and affect global oil flows.
Both crude benchmarks posted strong gains during Thursday trading, with Brent closing at its highest level since May 4, as market expectations grew that the attacks and heightened tensions could lead to new supply disruptions.
Brent front-month futures for December delivery rose 0.81%, or $0.91, to $115 a barrel.
At the same time, U.S. WTI December futures gained $1.20, or 1.2%, to $100.67 a barrel.
On a weekly basis, Brent is set for a third consecutive weekly gain after closing at its highest since May 4, while WTI is on track to finish the week lower after two weeks of gains.
