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NEW YORK: Oil prices \u200bsettled more than $3 higher on Friday, their highest in nearly six months after Houthi attacks in Saudi Arabia stoked concerns over further disruption \u200cto energy supplies from the Middle East, where UAE authorities also reported an oil spill.<\/strong><\/p>\n Brent crude futures settled at $116.72 a barrel, up $3.55 or 3.14%, their highest since April 29. US West Texas Intermediate crude closed at $103.27 a barrel, up $3.80 or 3.8%.<\/p>\n Brent finished the week up 6% and WTI ended 2.3% higher.<\/p>\n \u201cFears of supply disruptions drove the advance after Iranian-backed Houthi rebels carried out a series \u200bof attacks across Saudi Arabia, including on energy infrastructure,\u201d said Adam Turnquist, chief cross-asset strategist for LPL Financial.<\/p>\n On Thursday, Saudi Aramco (2222.SE), opens new tab ordered the evacuation of its headquarters \u200bin Dhahran on the Gulf near Bahrain, Reuters reported. Fighting intensified between Saudi Arabia, the world\u2019s largest crude exporter and Yemen-based \u2060Houthis.<\/p>\n An oil spill from a tanker was detected off the UAE coast of Umm Al Quwain, the United Arab Emirates Ministry of Climate Change and Environment said. It \u200bdid not say what caused the spill and authorities have not identified the tanker involved.<\/p>\n ATTACKS ON VESSELS<\/strong><\/p>\n Shipping sources said on October 9 that the Gem No. 2 supertanker was struck \u200bby an unidentified projectile 13 nautical miles (24 km) west of Al Jazeera in the UAE. Clashes between the Houthis \u200band a Saudi-led coalition that backs Yemen\u2019s internationally recognised government have raged since the Iran-aligned Houthis pushed towards Bab el-Mandeb Strait last month, a shipping chokepoint at the \u200bmouth of the Red Sea.<\/p>\n October has been the worst month for attacks on commercial shipping in the Strait of Hormuz and nearby waterways, according to data compiled by a Washington-based think tank \u200cthat has \u2060tracked maritime security incidents worldwide since 2017.<\/p>\n President Donald Trump said on Friday the US could end the war with Iran quickly, but said perhaps Washington should allow the conflict to gradually wind down.<\/p>\n STRATEGIC RESERVE RELEASES<\/strong><\/p>\n The US Department of Energy said it had authorized an emergency exchange of up to 400,000 barrels of crude oil from the Strategic Petroleum Reserve to address a supply disruption affecting Phillips 66\u2019s Lake Charles refinery in Louisiana.<\/p>\n The SPR is already at the lowest level since 1982 after President Donald Trump tapped it as \u200bthe US war on Iran disrupted supply \u200blines. Trump\u2019s predecessor, President Joe Biden, \u2060also tapped the SPR following Russia\u2019s invasion of Ukraine.<\/p>\n Elsewhere, Germany\u2019s national oil stockpiling agency EBV circulated a tender to sell diesel, heating oil and crude oil volumes from strategic reserves. On Thursday, the head of Libya\u2019s National Oil Corp told \u200bReuters that an oil \u2060pipeline valve from the Hamada and Tahara oilfields to Zawiya port had been shut, leading to a reduction in production at both fields.<\/p>\n Ship tracking data showed the first Russian diesel bound for the US since Moscow and Washington reached an export agreement was aboard a tanker heading for New York. US energy firms this week kept the total rig count \u200bunchanged for a second week in a row, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, \u200bheld steady at 603 during the week ended October 23.<\/p>\n<\/div>\n
\u201cThe market is concerned about these continued Iranian attacks on tankers that we\u2019ve seen increase over the last week,\u201d said Andrew Lipow, president of Lipow Oil Associates. \u201cWhile there has been an increase in oil transiting out of the Strait of Hormuz, that could change at any minute.\u201d<\/p>\n
This marks Germany\u2019s first oil releases from strategic reserves since G7 countries, under pressure \u200bfrom Trump, agreed to do so at the start of October.<\/p>\n
Trump announced the deal this month as part of efforts to bring down soaring \u2060diesel prices \u200bahead of US midterm elections on November 3.<\/p>\n