Oil Prices Jump on Houthi Attacks and UAE Oil Spill

Oil prices rose over three dollars at Friday's settlement, reaching their highest level in nearly six months, after Houthi attacks on Saudi Arabia raised concerns about further disruptions to Middle East energy supplies, while UAE authorities also reported an oil spill. Brent crude futures settled up 3.55 dollars, or 3.14%, at 116.72 dollars per barrel, the highest since April 29, while US West Texas Intermediate crude rose 3.80 dollars, or 3.8%, to 103.27 dollars. Analysts cited fears of supply disruptions following Houthi strikes on Saudi energy infrastructure, and Reuters reported Aramco ordered an evacuation of its headquarters in Dhahran. The UAE detected an oil spill from a tanker off Umm Al Quwain's coast. October was the worst month for attacks on commercial ships in the Strait of Hormuz and nearby waterways since 2017, according to Washington-based research data. The US authorized an emergency swap of up to 400,000 barrels from its strategic reserve, while Germany offered diesel, heating oil, and crude from its reserves. A tanker carrying the first Russian diesel shipment to New York since a Trump export deal was also tracked.