Oil Prices Surge 3% Amid Fears of Supply Disruptions

Oil prices surged about 3% on Thursday to a one-week high after a Houthi missile attack on Saudi Arabia revived fears of supply disruptions.

The attack, which was intercepted by Saudi forces, heightened concerns over the stability of global oil supplies and sent Brent futures up $3.52, or 3.4%, to settle at $106.60 a barrel. US West Texas Intermediate crude rose $2.45, or 2.7%, to settle at $94.61.

The incident has sparked renewed tensions in the region, with Saudi Arabia building up crude pumping volumes through its East-West Pipeline that runs to its Red Sea export hub of Yanbu, according to industry sources and satellite imagery.