Oil rises on supply concerns as Houthis attack Saudi Arabia

Business Recorder reported that Brent crude gained 86 cents to $115.74 a barrel and US West Texas Intermediate added 72 cents to $102.72 in early Friday trading. The moves followed renewed concern about disruption to regional oil supplies after Houthi forces said they had struck locations in Saudi Arabia, including the Ras Tanura and Rabigh refineries and an Aramco site at Abqaiq.

Both benchmarks were heading for a fourth consecutive monthly advance, with Brent set for an increase of nearly 14% and WTI for a 15% rise, its first monthly close above $100 since April. Separately, Iran’s Revolutionary Guards said three tankers caught fire after hitting sea mines near the Strait of Hormuz, while ExxonMobil and Chevron called off executives’ planned visits to an oil exhibition in the UAE amid security concerns. Diplomatic contacts between Washington and Tehran remained unresolved.