Oil prices on the international market surged sharply on Friday morning, October 30, as concerns about disruptions to oil supplies grew following the Houthi group’s renewed attacks on Saudi Arabia’s energy infrastructure and heightened security tensions in the Strait of Hormuz.
Brent crude oil prices rose 86 cents to $115.74 per barrel, while WTI crude oil prices rose 72 cents to $102.72 per barrel.
These increases put both crude oil benchmarks on track for their fourth consecutive monthly gain, with Brent up nearly 14% in October and WTI up about 15%.
The rise in oil prices followed a claim by Yemen’s Houthi group that it had attacked major Saudi oil facilities, including the oil refineries at Ras Tanura, Rabigh and the Aramco facility in Abqaiq.
Meanwhile, Iran’s Revolutionary Guards also claimed that three oil tankers had hit sea mines and caught fire while attempting to navigate without permission in waters south of the Strait of Hormuz, one of the world’s most important oil shipping routes. By: Rithy
