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Oil prices rise above $115 as Houthi attacks fuel supply fears
Oil prices have risen in early Friday trading amid growing concerns over supply disruptions following renewed Houthi attacks on Saudi Arabia’s energy infrastructure and rising tensions in the Strait of Hormuz.
Brent crude futures climbed 86 cents, or 0.75 percent, to $115.74 a barrel as of 01:22 GMT, while US West Texas Intermediate (WTI) crude rose 72 cents, or 0.71 percent, to $102.72. Both benchmarks were heading for a fourth consecutive monthly gain, with Brent on track to rise nearly 14 percent in October and WTI about 15 percent.
The price increases followed claims by Yemen’s Houthi forces that they had targeted several Saudi energy facilities, including the Ras Tanura and Rabigh refineries alongside an Aramco site in Abqaiq.
Meanwhile, Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed three tankers “struck sea mines and caught fire” while attempting to use an unauthorised route south of the Strait of Hormuz, reports AL Jazeera.