SINGAPORE — Oil prices climbed on Friday after Yemen’s Iran-aligned Houthis said they had attacked oil sites in Saudi Arabia, raising fresh concern about supply through the region, according to Reuters.
Brent crude futures rose 86 cents, or 0.75 percent, to $115.74 a barrel as of 0122 GMT on Friday. U.S. West Texas Intermediate futures rose 72 cents, or 0.71 percent, to $102.72, Reuters reported. For the month, Brent was on course to finish nearly 14 percent higher, while WTI was heading for a gain of about 15 percent and a close above $100 for the first time since April. Oil was on track for a fourth straight monthly gain, the steepest since July.
On Thursday, the Houthis said they had attacked several sites in Saudi Arabia, including its largest oil refinery at Ras Tanura, the Rabigh refinery and an Aramco facility in Abqaiq. A Saudi-led coalition said it had intercepted a cruise missile launched by the Houthis toward the kingdom’s western region. The two accounts describe claims by each side, and the full extent of any damage was not confirmed in the Reuters report.
Tension around the Strait of Hormuz added to the pressure. Iran’s Revolutionary Guards said three tankers hit sea mines, exploded and caught fire while trying to use an unauthorized route south of the strait, according to Reuters. Saul Kavonic, head of energy research at MST Marquee, told Reuters that continued action around Hormuz, along with doubts about a workable diplomatic path, was keeping prices high on expectations of escalation in the coming weeks.
Diplomacy moved in parallel. President Donald Trump said on Thursday that Vice President JD Vance had reached out to Iran to help the country get medical supplies, after U.S. media reported Vance had written to Tehran’s top security official to revive peace talks. Iran’s semi-official Tasnim news agency reported that Iran had received a letter from Vance but had not yet responded, and that Tehran wanted the United States to meet its conditions.
Amid the security concerns, ExxonMobil and Chevron cancelled plans for their executives to travel to the United Arab Emirates’ biggest oil show next week, two sources familiar with the matter told Reuters. What happens next depends on whether attacks on energy sites continue and whether shipping through Hormuz stays open, both of which traders say would decide whether prices hold above $100 or climb further. For the market figures and claims, see Reuters’ report on oil and the Saudi attacks.
