Oil prices rose today as attacks by Iran-backed Houthi rebels in Yemen on Saudi Arabia raised concerns about Middle East crude supplies, although supply is gradually recovering, CNBC reported.
Brent crude futures, the European benchmark, for December delivery, rose 0.93 percent to $101.52 a barrel. US WTI crude futures for November delivery rose 0.81 percent to $90.16 a barrel.
According to Saudi Energy Minister Prince Abdulaziz bin Salman, the amount of oil transported through the “East-West“ pipeline had reached 5.8 million barrels as of yesterday morning.
However, concerns that the attacks could lead to further disruptions in supplies from the Middle East are weighing on market sentiment. Saudi aviation authorities said last night that airports in Jazan and Najran were targeted in two attacks amid escalating hostilities between Yemen's Houthis and Riyadh's forces.
Iran's decision to step up attacks on tankers passing through the Strait of Hormuz has also led to renewed concerns among traders about oil supplies, as it threatens to disrupt a fragile recovery in exports through the key waterway.
Source: www.bta.bg