Oil hits five-month high

Crude prices jumped on Thursday, with Brent gaining 3.2% to $112.33 a barrel and US West Texas Intermediate adding 2.2% to $99.29, The Express Tribune reported. The gains followed Houthi attacks in Saudi Arabia, raising concerns that energy exports from the region could face further disruption. Prices were recorded at 1705 GMT.

Brent reached its highest level in five months and was on course for its strongest close since May 4. It also entered technically overbought territory for the third time in a week. As fighting between Saudi Arabia and the Houthis intensified, Saudi Aramco asked staff to leave its headquarters in Dhahran. The price rise and supply concerns put energy markets in focus, although the report gives no estimate of any disruption to exports.