Oil hits USD116 mark as ME conflict rages on

Business Recorder · 24/10/2026، 12:32:33 AM

NEW YORK: Oil prices settled more than USD3 higher on Friday, their highest in nearly six months after Houthi attacks in Saudi Arabia stoked concerns over further disruption to energy supplies from the Middle East, where UAE authorities also reported an oil spill. Brent crude futures settled at USD116.72 a barrel, up USD3.55 or 3.14 percent, their highest since April 29. US West Texas Intermediate crude closed at USD103.27 a barrel, up USD3.80 or 3.8 percent. Brent finished the week up 6 percent and WTI ended 2.3 percent higher. “Fears of supply disruptions drove the advance after Houthi carried out a series of attacks across Saudi Arabia, including on energy infrastructure,” said Adam Turnquist, chief cross-asset strategist for LPL Financial. On Thursday, Saudi Aramco ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported. Fighting intensified between Saudi Arabia, the world’s largest crude exporter and Yemen-based Houthis. An oil spill from a tanker was detected off the UAE coast of Umm Al Quwain, the United Arab Emirates Ministry of Climate Change and Environment said. It did not say what caused the spill and authorities have not identified the tanker involved. Shipping sources said on October 9 that the Gem No. 2 supertanker was struck by an unidentified projectile 13 nautical miles (24 km) west of Al Jazeera in the UAE. “The market is concerned about these continued Iranian attacks on tankers that we’ve seen increase over the last week,” said Andrew Lipow, president of Lipow Oil Associates. “While there has been an increase in oil transiting out of the Strait of Hormuz, that could change at any minute.” Clashes between the Houthis and a Saudi-led coalition that backs Yemen’s internationally recognised government have raged since the Houthis pushed towards Bab el-Mandeb Strait last month, a shipping chokepoint at the mouth of the Red Sea. October has been the worst month for attacks on commercial shipping in the Strait o