Oil prices rise more than 1% as supply concerns linger

Oil prices advanced on Friday, with Brent gaining $1.30, or 1.2%, to $114.47 a barrel and US West Texas Intermediate adding $1.37, or 1.4%, to $100.84 as of 0639 GMT. Business Recorder reported that attacks by Yemen’s Houthis in Saudi Arabia have heightened concerns about potential disruption to regional supply.

Brent had reached its highest settlement since May 4 on Thursday and was heading for a third consecutive weekly gain, while WTI was on course for a second. Saudi Aramco ordered its Dhahran headquarters evacuated on Thursday as fighting intensified, and Libya also reported lower output after a pipeline valve serving the Hamada and Tahara fields was shut. Analysts cited by the report said the scale and duration of any disruption would shape the supply-risk premium in oil prices.