Oil prices rise after reports of attack on Saudi oil facilities

By Trend

Oil prices climbed on Friday as reports of attacks on oil facilities in Saudi Arabia rekindled concerns over supply shortages, Trend reports citing Xinhua.

The West Texas Intermediate for May delivery added 1.56 U.S. dollars, or 1.4 percent, to settle at 113.90 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased 1.62 dollars, or 1.4 percent, to close at 120.65 dollars a barrel on the London ICE Futures Exchange.

Yemen's Houthi militia on Friday claimed responsibility for fresh cross-border drone and missile attacks on oil facilities in Saudi Arabia, the third such attack in less than a week.

"A number of bomb-laden drones targeted the oil refineries in Ras Tanura and Rabigh, as well as the Aramco oil facilities in Jazan and Najran ... A barrage of wing missiles targeted Aramco oil facilities in Jeddah and the Saudi capital Riyadh," Houthi military spokesman Yehya Sarea said in a statement aired by the Houthi-run al-Masirah TV.

The news added fuel to the already volatile oil market shadowed by supply risks related to the Russia-Ukraine conflict.

Fatih Birol, executive director of the International Energy Agency (IEA), on Thursday reiterated the IEA's willingness to release further oil from emergency reserves if necessary.

In addition, Birol said that the IEA member countries are seeking to radically reduce their imports of Russian oil and gas.

For the week, the U.S. crude standard and Brent jumped 10.5 percent and 11.8 percent, respectively, based on the front-month contracts.