Oil tops $111 on fresh Saudi attacks, supply fears

Brent futures advanced 2.35% to $111.38 a barrel on Thursday, while US West Texas Intermediate fell 2.13%, or $2.07, to $99.22 by 11:09 am PST, Mettis Global reported. Renewed Houthi strikes in Saudi Arabia have intensified concern that regional hostilities could threaten energy flows from the Middle East.

The attacks included a strike on Dammam’s civilian airport, where one person died and eight were hurt, and a drone assault on an oil field that left two dead. Separately, Iran’s IRGC Navy said it hit four vessels in the northern Persian Gulf and reported three further ships striking mines near the Strait of Hormuz.

US crude inventories fell by 3.06 million barrels to 412.5 million last week, a steeper decline than analysts had expected, while distillate stocks rose by 1.68 million barrels to 104.3 million. The US administration also offered loans against part of its emergency heating-oil reserve; investors are watching whether conflict-related supply risks persist.