Oil prices hit five-month high amid supply disruption fears
Brent crude prices touched their highest point in over five months this Friday, driven by rising tensions in the Middle East following Houthi attacks on Saudi Arabia. Brent futures rose 0.7% to $113.96 per barrel, while U.S. West Texas Intermediate climbed to $100.57. These market movements reflect deep concerns regarding potential energy supply disruptions, further compounded by reports of the evacuation of Aramco's headquarters in Dhahran. Additionally, supply issues were noted in Libya, where an oil pipeline closure led to reduced output. Analysts warn that shipping costs and potential delivery delays continue to weigh on the market. Meanwhile, global markets are observing Russian diesel shipments moving toward the U.S. after Moscow lifted its export ban to help stabilize fuel prices.
