Oil Prices Surge as Houthi Attacks on Saudi Arabia Fuel Supply Fears

Oil prices rose further on Friday, heading for a third consecutive weekly gain amid escalating attacks on Saudi Arabia, with Brent crude reaching $114.39 per barrel, up 1.08 percent from the previous day. The strikes fuel concerns over major supply disruptions in the Middle East. The Iran-backed Houthi militia claimed attacks on Saudi Arabia's defense ministry in Riyadh, airports in Dammam and Abha, and Saudi Aramco facilities in Yanbu, according to military spokesman Jahja Sari. Brent oil has risen over 85 percent since the start of the year, with diesel prices climbing even more sharply. The conflict risks expanding around the Strait of Hormuz, where crude exports have nearly recovered to pre-war levels. The New York Times reported US and Israeli plans for new strikes on Iran after early November midterm elections, with traders expecting prices to stay elevated.