Oil rises after Houthi attacks in Saudi Arabia — Channel NewsAsia

Oil prices rose on October 22 after new attacks by Yemen’s Houthis in Saudi Arabia. Amid escalating tensions, the United States ordered some diplomats and their family members to leave U.S. missions in the kingdom, Channel NewsAsia reports, citing Reuters.

Rise in oil prices

Brent crude futures rose by $1.29, or 1.2%, to $110.11 per barrel. U.S. West Texas Intermediate crude gained 97 cents, or 1%, to $98.12 per barrel.

Brent settled almost unchanged the previous day, while WTI fell by 67 cents. U.S. officials also told Reuters that the U.S. State Department plans to withdraw family members of employees from several other U.S. missions in the region.

Attacks and risks to shipping

Iran-backed Yemen’s Houthis struck several targets on Wednesday. At least one person was killed and eight others were injured in an attack on a civilian airport in Dammam. Two people were killed in a drone strike on a Saudi oil field.

More current news is available on the UA.News Telegram channel Telegram.

Iranian media also reported explosions in Sirik, southern Iran. Their origin and nature were unknown at the time.

According to Kpler, at least 18 attacks on shipping have occurred over the past two weeks. LSEG analysts warned that, in their assessment, Iran is attacking tankers not only in the Strait of Hormuz but also in the Gulf of Oman, endangering oil shipments from Persian Gulf countries and ship-to-ship cargo transfers.

The U.S. Energy Information Administration reported that the country’s crude oil inventories fell by 3.06 million barrels over the week to 412.5 million barrels. At the same time, distillate inventories, including diesel and heating fuel, rose by 1.68 million barrels to 104.3 million barrels.