Oil Surges to Six-Month Highs as Middle East Attacks Intensify

According to CNBC, U.S. West Texas Intermediate added 3.8% to settle at $103.27 a barrel[1], and Brent added 6.2% for the week, the third consecutive week of gains.[1]Rigzone reports that Iran-backed Houthi militants claimed recent attacks on the Saudi Red Sea port of Yanbu, as well as deadly strikes on an oil field and airport in the kingdom.[2] CNBC, citing Saudi state media, says a drone attack targeting the Shaybah oil field Wednesday in the Eastern Region left two people dead and two injured[1].Yahoo Finance reports that Saudi Aramco on Thursday ordered the evacuation of its headquarters in Dhahran, marking the oil giant's first such evacuation since the Iran war began.[3] CNBC says the U.S. State Department has ordered all non-essential personnel to leave Saudi Arabia due to the strikes.[1]CNBC also reports that U.S. officials told The New York Times that the U.S. and Israel have plans for fresh strikes on Iran after the midterm elections.[1]Rebecca Babin of CIBC Private Wealth Group told Rigzone that "Weekend escalation fears are adding fuel"[2]. In a note quoted by OilPrice.com, ING's analysts said their earlier $80 fourth-quarter Brent forecast now looked "unattainable"[4].According to Yahoo Finance, the national price of gasoline stood at $4.29 per gallon, roughly $1.22 higher than a year ago.[3] Gulf Oil's Tom Kloza told the outlet that drivers will see "a lot of $5 gas prices in places like Michigan, Ohio, Minnesota, Illinois, and Indiana"[3].