Brent tops $116, a six-month high, as attacks hit Saudi Arabia and the U.S. pulls staff
Oil jumped nearly 3% as Houthi strikes on the kingdom and talk of new U.S. strikes on Iran fed supply fears.
Oil prices jumped again on Friday, with Brent crude trading up nearly 3% at about $116.50 a barrel after hitting $117.45 earlier - its highest level since April 30. U.S. benchmark crude rose about 3.7% to around $103.
The surge came as Iran-allied Houthi militants kept up attacks on Saudi Arabia: a drone strike on the Shaybah oil field on Wednesday killed two people, and an attack on Dammam's international airport killed two and injured eight, according to Saudi state media. Saudi Aramco reportedly told staff to evacuate its Dhahran headquarters and work remotely, and the U.S. State Department ordered all non-essential personnel to leave the kingdom. Traders increasingly expect the U.S. to resume strikes on Iran in the coming weeks, and Iran's army chief said the country's military is fully prepared for "asymmetric warfare," according to state media. United Arab Emirates authorities also reported an oil spill.
Brent was on track for a weekly gain of about 6%, its third straight weekly rise. For background, see this morning's oil story and our Iran story.
