OIL prices climbed about 2 per cent yesterday to a five-week high, on worries that energy supply disruptions could worsen in the Middle East due to more attacks between the US and Iran and a threatened naval blockade of Saudi Arabia by Yemen’s Houthis.
Brent futures rose $2.12, or 2.4pc, to $91.34 a barrel yesterday afternoon. US West Texas Intermediate crude rose $1.80, or 2.2pc, to $85.03.
Brent was on track for its highest close since June 10, WTI for its highest since June 11. Brent was in technically overbought territory for a seventh day in a row.
In Asia, meanwhile, fuel oil markets extended gains yesterday on worries about the Houthi naval blockade threat against Saudi Arabia through the Red Sea’s southern gateway.
Analysts estimated energy firms pulled 0.5 million barrels of crude from storage during the week ended July 17.
If correct, that would be the second week of declines in a row and compares with a decrease of 3.2m barrels in the same week last year and an average decline of 1.2m barrels over the past five years (2021 to 2025).
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