Oil closes above $116 as attacks raise supply fears
Oil prices climbed sharply Friday as attacks in Saudi Arabia raised concerns about reliable energy supplies. Brent, a major international oil benchmark, finished at its highest price since April 29. [1]
- Closing prices: Brent settled at $116.72 a barrel, up $3.55. U.S. benchmark West Texas Intermediate closed at $103.27, up $3.80. These are closing prices, rather than the earlier trading snapshots. [1]
- Weekly change: Brent gained 6% over the week; the U.S. benchmark rose 2.3%. [1]
- Security concerns: Houthi attacks included energy infrastructure in Saudi Arabia. Saudi Aramco had ordered its Dhahran headquarters evacuated Thursday as fighting intensified. [1]
- Separate oil spill: UAE officials reported a tanker spill off Umm Al Quwain. They had not identified the vessel or explained the cause, so the spill should not automatically be attributed to an attack. [1]
- U.S. response: The Energy Department authorized an emergency exchange of up to 400,000 barrels from federal reserves for a supply disruption affecting a Louisiana refinery. [1]