Oil hits five-month high as Houthi attacks disrupt Saudi supply

Oil prices rose about 2% to a five-month high on Thursday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the key exporting region. Brent futures climbed $2.42 to $111.24 a barrel, while US West Texas Intermediate crude rose $1.14 to $98.29. Saudi Aramco told staff to evacuate its headquarters in Dhahran as fighting between the world's largest crude exporter and Yemen's Houthis intensified, with clashes raging since the Iran-aligned group pushed towards the Bab el-Mandeb shipping chokepoint. Analysts said no de-escalation is anticipated until US midterm elections, keeping oil prices elevated. Middle East crude exports were estimated at around 17 million barrels per day last week, below the pre-conflict average of about 18 million bpd. Separately, Russia and Ukraine continued cross-border attacks despite a US push for talks, while Libya reported reduced production from two oilfields due to a pipeline valve shutdown.