Brent Climbs Above $111 as Saudi Attacks Raise Supply Concerns

Brent crude futures climbed above $111 a barrel Thursday as deadly attacks in Saudi Arabia renewed concern over Middle East energy supplies and inflation risks for U.S. markets and risk-sensitive assets, including cryptocurrencies.

At 10:45 a.m. ET (14:45 UTC), Brent futures stood at $111.24, up 2.2%. U.S. West Texas Intermediate (WTI) futures gained 1.2% to $98.29. Brent earlier reached $111.64 at 2:26 a.m. ET (06:26 UTC), near a five-month high.

On Wednesday, Saudi air defenses intercepted a drone near a processing facility at the Shaybah oil field. Falling debris killed two residents and injured two others. Oilfield operations continued. A separate attack at King Fahd International Airport in Dammam killed two people and injured eight. Saudi officials did not publicly identify who carried out either attack.

Shaybah’s continued operations mean the incident did not bring a reported interruption at the oil field. For U.S. markets, higher crude prices renew attention to inflation concerns that matter for rate-sensitive assets, including cryptocurrencies.