Oil prices climbed about 2% 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
Oil prices climbed about 2% 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 $2.42, or 2.2%, to $111.24 a barrel at 10:45 a.m. EDT (1445 GMT), while US West Texas Intermediate (WTI) crude rose $1.14, or 1.2%, to $98.29.
That drove Brent into technically overbought territory for a third time in a week and set for its highest close since May 18.
Saudi Aramco has told staff to evacuate its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported, as fighting between the world's largest crude exporter and Yemen's Houthis intensifies.
Clashes between the Houthis and a Saudi-led coalition that backs Yemen's internationally recognised government have raged since the Iran-aligned group pushed towards Bab el-Mandeb, a shipping chokepoint at the Red Sea's mouth.
"Reports of Middle East crude oil exports exceeding pre-conflict levels are more than countered by attacks on ships in the Strait of Hormuz and the Houthi strikes on Saudi Arabia and on its oil infrastructure," PVM Oil analyst Tamas Varga said.
"No de-escalation is anticipated until the US midterm elections, which should keep oil prices elevated.
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