Oil prices hit five-month high

Oil prices surged on Thursday as attacks by Yemen’s Houthis in Saudi Arabia heightened concern about supply risks, Business Recorder reported. Brent finished at USD113.17 a barrel after gaining USD4.35, or 4.0 percent, while US West Texas Intermediate ended at USD99.47, up USD2.32, or 2.4 percent.

Brent’s closing level was its highest since May 4, with market participants pricing in greater risk amid regional conflict and threats to shipping. Analysts cited attacks around the Strait of Hormuz and on Saudi oil infrastructure, while estimates put Middle Eastern crude exports at about 17 million barrels per day last week, below the roughly 18 million bpd average before the Iran war. In Libya, a pipeline closure also cut output from two oilfields.