Oil climbs over $1 on more Houthi attacks in Saudi Arabia

Business Recorder reported that Brent and US crude futures gained more than $1 a barrel on Thursday as renewed Houthi attacks in Saudi Arabia heightened concern about conflict spreading and Middle East supply routes being disrupted. At 0442 GMT, Brent was up $1.93, or 1.77%, at $110.75 a barrel, while West Texas Intermediate advanced $1.43, or 1.47%, to $98.58.

The report also cited attacks at a civilian airport in Dammam and a Saudi oil field, alongside Iranian claims of strikes on vessels in the Persian Gulf and near the Strait of Hormuz. US crude inventories declined by 3.06 million barrels to 412.5 million last week, contrary to market expectations for a smaller draw, while distillate stocks rose by 1.68 million barrels to 104.3 million. The US administration is also offering a loan of nearly one-third of its emergency heating-oil reserve amid diesel shortages.