(Oct 23) : Oil held its biggest gain in about a week as intensifying attacks on Saudi Arabia stoked fears of supply disruptions.

West Texas Intermediate traded near US$99 a barrel after closing 2.4% higher in the previous session. Brent settled above US$113. Iran-backed Houthi militants claimed recent attacks on the Saudi port of Yanbu in the Red Sea, including deadly strikes on an oil field and airport in the kingdom.

The flareup threatens to spill over into the Persian Gulf, where crude exports have recovered to near prewar levels, with tankers transiting the Strait of Hormuz with their transponders off. Global benchmark Brent is up more than 85% this year because of the US-Iran war, while refined-product prices have rallied even harder, most notably diesel.

Yemen-based Houthi militants have repeatedly attacked Saudi Arabia over the past few months. Saudi Aramco evacuated its Dhahran headquarters on Thursday and asked staff to work from home after an alarm, according to people familiar with the matter. The reason for the alarm wasn’t immediately known.

The squeeze on oil-product flows from the Gulf, along with escalating Ukrainian attacks on Russian refineries, has prompted governments to tap stockpiles to ease tightness. US President Donald Trump is pushing measures to lower prices ahead of the midterm elections, including a diesel deal with Moscow.

uploaded by Isabelle Francis