Brent futures rise $3.51, or 3.2%, to $112.33 a barrel
A $10-per-barrel rise in oil prices increases import bill by $1.25 to $1.5 billion per year. PHOTO: FILE
NEW YORK:
Oil prices climbed about 3% to a five-month high on Thursday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the key exporting region.
Brent futures rose $3.51, or 3.2%, to $112.33 a barrel at 1705 GMT, while US West Texas Intermediate crude rose $2.14, or 2.2%, to $99.29. That drove Brent into technically overbought territory for a third time in a week and put it on track for the highest close since May 4.
Saudi Aramco told staff to evacuate its headquarters in Dhahran, as fighting between the world’s largest crude exporter and Yemen’s Houthis intensified.
