Oil Prices Jump After Attack on Saudi Oil Field

Oil prices rose sharply on Thursday after a drone attack on an oil field in Saudi Arabia heightened concerns about supply shortages and further Middle East escalation. Brent crude traded at $111.48 per barrel, up about 2.5 percent from the previous day. The attack on Saudi Aramco's Shaiba field, claimed by Yemen's Houthi militia, was intercepted by air defenses, killing two people from debris, state news agency SPA reported. Bloomberg said operations at the million-barrel-per-day field were unaffected, citing Saudi energy ministry sources. A separate attack on Dammam airport killed one and injured eight. The U.S. ordered partial withdrawal of embassy personnel after the Wednesday attacks. Ongoing Gulf military strikes and post-midterm escalation risks supported prices, said trader Rebecca Babin. Brent has risen over 80 percent this year due to disrupted Gulf oil flows from the U.S.-Iran war.