Oil Rises as Deadly Saudi Attacks Fan Middle East Supply Fears

According to Reuters, as carried by MarineLink, Brent crude futures climbed $2.82, or 2.59%, to $111.64 a barrel at 0626 GMT, close to a five-month high[2]. The same report says US West Texas Intermediate crude gained $2.24, or 2.31%, to $99.39.[2]Reuters reports that Yemen's Iran-aligned Houthis struck several targets on Wednesday with at least one person killed and eight more wounded at a civilian airport in Dammam, and two people killed in a drone attack on a Saudi oil field.[2]The Japan Times reports that the attacks hit targets including against Saudi Aramco facilities[3].US officials told Reuters that the US State Department plans to withdraw family members from a number of other US missions in the region[2].Rigzone, carrying Bloomberg's report, says Iran's Islamic Revolutionary Guard Corps said it hit four "violating" oil tankers while transferring cargoes in the northern Persian Gulf[4]. EnergyNow says these claims have not all been independently verified.[5]ING analysts said in a note that "Oil prices remain well bid, with ICE Brent back above $110 per barrel"[2] after the latest attacks, according to MarineLink.Bloomberg says the gains came even as exports through the Strait of Hormuz accelerate.[1] According to The Business Standard, market analysts note that the upward momentum in oil prices could be curbed as crude shipments from the Middle East continue to rise[6].