Oil rises after attacks on Saudi Arabia
Oil prices climbed as attacks on Saudi Arabia by the Iran-backed Houthis in Yemen heightened concerns over energy supplies.
Brent crude rose 0.8% to $106.58 per barrel, while US West Texas Intermediate (WTI) crude gained 0.9% to $94.94. Saudi Arabia's Energy Ministry announced that the Houthis had targeted an administrative building belonging to Saudi Aramco in Dhahran, causing a small fire.
Escalating geopolitical tensions in the region supported oil prices, although expectations of increased diesel exports from Russia partially eased supply concerns. Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, said the attacks on Saudi Arabia were pushing prices higher, but additional Russian supplies could limit sharp gains. Kikukawa expects WTI crude to trade within a range of $90 to $100 per barrel.
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