Brent Futures Rise 3.2% to $112.33 as Saudi Incident Raises Supply Concerns

Brent crude futures rose 3.2% to $112.33 a barrel Thursday as a drone incident in Saudi Arabia heightened concerns about possible Middle East supply disruptions, while U.S. West Texas Intermediate (WTI) futures approached $100.

At 1:05 p.m. ET (17:05 UTC), Brent was up $3.51 and WTI stood at $99.29, up $2.14, or 2.2%. The $112.33 Brent price was recorded during trading, before any confirmed settlement. Brent also was quoted at $112.55 at 4:18 a.m. ET (08:18 UTC), a level not seen since May 18.

A drone targeted a processing facility at Saudi Aramco’s Shaybah field on Oct. 21 and was intercepted by air defenses. Falling debris killed two people and injured two others. A contractor’s vehicle caught fire outside the facility, but operations at the field were unaffected.

“Reports of Middle East crude oil exports exceeding pre-conflict levels are more than countered by attacks on ships in the Strait of Hormuz,” said Tamas Varga, an analyst at PVM Oil.