Oil prices have reached their highest closing levels in nearly six months as Houthi attacks on Saudi Arabia and renewed threats to Middle Eastern shipping add to concerns over global energy supplies.
Brent crude rose US$3.55, or 3.14%, on Friday, October 23, settling at US$116.72 a barrel, its highest close since April 29. The international benchmark gained approximately 6% over the week.
US West Texas Intermediate crude also advanced, climbing US$3.80, or 3.8%, to US$103.27 a barrel, bringing its weekly gain to 2.3%.
The price surge followed renewed fighting between Saudi Arabia and Yemen's Iran-aligned Houthi movement, including attacks targeting Saudi energy infrastructure and airports.
On Thursday, Saudi state oil company Aramco instructed employees to evacuate its headquarters in Dhahran and work remotely, according to Reuters. The order followed a series of Houthi attacks, although the precise reason for the evacuation was not disclosed.
The Houthis also claimed to have targeted Aramco facilities in the Red Sea port city of Yanbu, but Saudi authorities had not confirmed that particular strike. An attack on King Fahd International Airport in Dammam on Wednesday killed two people and injured eight others.
Shipping security has deteriorated across the region, with further attacks on commercial vessels around the Strait of Hormuz and nearby waterways.
Meanwhile, authorities in the United Arab Emirates confirmed an oil spill from a tanker off Umm Al Quwain, temporarily closing beaches and coastal areas while cleanup operations continued. The vessel responsible was not officially identified, and the circumstances of the spill remain under investigation.
October has recorded the highest number of attacks on commercial shipping in the Strait of Hormuz and surrounding waterways since monitoring began in 2017. According to data cited by Reuters, 28 confirmed and reported attacks had been recorded by October 23.
