Crude oil prices were on course to book a sharp weekly gain, with Brent crude on track for gains of about $6 per barrel and WTI registering a much more modest tick higher, from around $99 per barrel on Monday to over $100 earlier today.
Saudi Arabia halted operations at several energy facilities in the south after fresh Houthi attacks sparked fires, adding to concerns over oil supplies as Brent crude approaches $100/bbl.
The Yemeni Houthis have struck Saudi Arabia’s southern province of Najran in the latest flare-up of Middle Eastern hostilities, killing 11 civilians, Reuters has reported, citing a spokesman for the military coalition led by Saudi Arabia that fights the Houthis in Yemen.
Threat of Houthi attacks is causing exports to Asia to be rerouted via the southern tip of Africa.