Brent Crude Prices Reach Five-Month High Amidst Continued Houthi Attacks, UAE Oil Spill

Oil prices rose on Friday, with Brent crude touching its highest since early May, after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East where UAE authorities also reported an oil spill.

Brent crude futures gained $1.71, or 1.5%, to $114.99 a barrel by 1300 GMT, having earlier reached $115.16, the highest level since May 4. US West Texas Intermediate crude gained $1.80, or 1.8%, to $101.27.

The Brent benchmark is on track for a 4.4% weekly rise, its third in a row, while WTI is poised to finish 0.4% down on the week.

Saudi Aramco on Thursday ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported, as fighting intensified between the world's largest crude exporter and Yemen-based Houthis.

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