Oil Prices Surge as Attacks on Saudi Arabia Fuel Supply Concerns

Oil prices rallied over $2 a barrel on Thursday 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.

Brent crude futures LCOc1 climbed$2.82, or 2.59%, to $111.64 a barrel at 0626 GMT, close to a five-month high. US West Texas Intermediate crude CLc1 gained $2.24, or 2.31%, 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.

The US State Department plans to withdraw family members from a number of other US missions in the region, US officials told Reuters.

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