Oil prices surged back past $95 per barrel on Friday, November 13, following US President Donald Trump's statement that the United States does not need a deal with Iran, sparking fresh concerns over around prolonged conflict in the oil-rich Middle East and additional supply disruptions.
However, the fresh rally in the oil prices started late Thursday as attacks on Saudi energy infrastructure escalated and shipping disruptions through the Strait of Hormuz threatened global oil flows.
At around 9.30 am, Brent crude futures traded at $95.57 per barrel, from $92 during India equity market close on Thursday, while US West Texas Intermediate (WTI) crude futures traded at $88.32 per barrel.
Yemen's Iran-backed Houthis claimed responsibility for strikes targeting a pumping station on the Saudi East-West oil pipeline, an oil facility in the Red Sea port city of Yanbu, and an Aramco building in Riyadh.
Subsequently, the Saudi-led military coalition battling the Houthis reported intercepting and destroying two drones launched by the group - one over the Riyadh region and another in the kingdom's oil-producing Eastern Province.