Oil prices rallied over $2 a barrel after more Houthi attacks in Saudi Arabia stoked concerns over a broader escalation of conflict and further disruptions to crude supplies from the world’s key exporting region, Reuters reports.
Brent crude futures climbed$2.82, or 2.59 per cent, to $111.64 a barrel at 0626 GMT, close to a five-month high. US West Texas Intermediate crude gained $2.24, or 2.31pc, to $99.39.
“Oil prices remain well bid, with ICE Brent back above $110 per barrel this morning following additional deadly attacks on Saudi Arabia,” ING analysts said in a note on Thursday.
