Brent Hits $114 as Houthi Attacks Threaten Saudi Energy Infrastructure
Oil prices were headed for a big weekly gain on Friday. Brent traded at $114 a barrel, up about $6 on the week, and WTI rose from around $99 on Monday to just over $100.
Traders are focused on Houthi attacks on Saudi energy infrastructure, including Aramco facilities. Aramco ordered personnel evacuated from its headquarters in Dhahran on the Persian Gulf, which suggests the Houthis can strike farther than their earlier Red Sea attacks.
Libya's National Oil Corporation also reported the shutdown of a pipeline that carries oil from two fields to the Zawya export terminal, forcing production cuts at those fields.
ING analysts Warren Patterson and Ewa Manthey wrote that markets are increasingly worried about renewed escalation in the Persian Gulf, citing reports that President Trump is considering fresh strikes on Iran and the deployment of a second U.S. aircraft carrier. They said their earlier $80 fourth-quarter Brent forecast now looks "unattainable."
Key points
- Brent: $114.00; WTI: $100.40 at time of writing
- Aramco evacuated its Dhahran headquarters
- ING calls its $80 Q4 Brent forecast "unattainable"
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