Houthi Attacks Drive Oil Prices to Five-Month High

Oil prices climbed about 2% to a five-month high on Thursday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the key exporting region.

Brent futures rose $2.42, or 2.2%, to $111.24 a barrel at 10:45 a.m. EDT (1445 GMT), while US West Texas Intermediate (WTI) crude rose $1.14, or 1.2%, to $98.29.

That drove Brent into technically overbought territory for a third time in a week and set for its highest close since May 18.

Saudi Aramco has told staff to evacuate its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported, as fighting between the world's largest crude exporter and Yemen's Houthis intensifies.

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