Oil rose Wednesday as attacks by Yemen’s Iran-backed Houthis on Saudi Arabia raised concerns over crude flows from the Middle East even as supplies have been recovering.
Futures for international benchmark Brent crude for December delivery gained 83 cents to $101.41 U.S. a barrel Wednesday U.S. West Texas Intermediate futures for November were up 38 cents at $89.82 per barrel.
Oil pumped through the East-West Pipeline had reached 5.8 million barrels as of Tuesday morning, according to Saudi Energy Minister Prince Abdulaziz bin Salman.
However, concerns that there may be further supply disruptions in the Middle East weighed on sentiment. The Saudi aviation authority reportedly said Tuesday that the country’s airports in Jazan and Najran were targeted in two attacks, amid growing hostilities between Yemen’s Iran-backed Houthis and the kingdom.
Iran’s move to step up attacks on tankers which are transiting through the Strait of Hormuz has also led to renewed worries over oil supplies among traders, as it threatens to disrupt the fragile rebound in oil exports through the crucial waterway.
