Oil prices climbed above $116 per barrel on Friday, October 30, driven by mounting supply concerns following intensified attacks by Yemen’s Iran-aligned Houthi forces on Saudi Arabian infrastructure. The rally leaves the benchmark crude on track to log a fourth straight monthly rise, marking its sharpest upward trajectory since July.
Brent crude futures gained 1.19 percent, to reach $116.25 per barrel around 9.30 am, while U.S. West Texas Intermediate (WTI) crude futures rose 1.18 percent to $103.20.
On a monthly basis, Brent was on course to gain nearly 14 percent, while WTI was headed for a 15 percent rise, putting it on track to close above $100 a barrel for the first time since April.
The global oil benchmark has risen more than 10 percent in October, driven by lingering geopolitical tensions and concerns over further disruptions to global energy supplies.
On Thursday, the Houthi group claimed responsibility for strikes on several high-profile energy facilities across Saudi Arabia, including the major Ras Tanura refinery, the Rabigh facility, and Aramco operations in Abqaiq. Meanwhile, a Saudi-led military coalition said it intercepted an incoming Houthi cruise missile heading toward the kingdom’s western regions.