Business
Oil prices jump on Houthi attacks, settle at highest levels since April
Oil
Oil prices settled more than $3 higher on Friday, reaching their highest levels in nearly six months, after Houthi attacks in Saudi Arabia stoked concerns over further disruption to energy supplies from the Middle East, where UAE authorities also reported an oil spill.
Brent crude futures settled at $116.72 a barrel, and US WTI crude finished at $103.27 a barrel. For the week, Brent rose 6.2% and WTI was up 1.8%.
Ship tracking data showed the first Russian diesel bound for the US since Moscow and Washington reached an export agreement was aboard a tanker heading for New York.
Gas
Asian spot liquefied natural gas (LNG) rose for a third consecutive week to a fresh multi-year high on firm northeast Asian demand amid colder weather forecasts, while concerns over geopolitical risks from the ongoing US-Iran conflict persist.
The average LNG price for December delivery into northeast Asia was $30.50 per million British thermal units, up from $29.30 per mmBtu the week before.
In Europe, the Dutch TTF gas price settled at $30.60 per mmBtu, posting a weekly gain of 5.9%. European LNG markets scaled higher over the week amid Middle East geopolitical developments and Norwegian pipeline outages.
This article was supplied by the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development.