Oil prices rise about 2% as Yemen fighting stokes supply fears

International crude benchmarks advanced on Wednesday, with Brent reaching $115.69 a barrel and US West Texas Intermediate at $102.42. Business Recorder reported that escalating hostilities in Yemen and a reported missile strike on a Saudi refinery revived concerns about Middle Eastern supply, while a US government report showed crude inventories fell by 1.9 million barrels in the week to October 23.

The conflict has also disrupted shipping and oil flows, and diplomatic efforts led by Qatar and Pakistan have yet to produce an accepted proposal. China issued another round of fuel-export quotas, and traders are watching Sunday's OPEC+ meeting, where members are expected to leave December output targets unchanged; Russian seaborne exports could also decline next month as domestic refiners raise diesel production.