Oil prices march to biggest weekly gain in months as Middle East tensions dominate
Oil prices were on track for a more-than-7% jump this week, their biggest in months, as early trading on Friday saw gains extended on fresh tensions in the Middle East after a key Saudi Arabian supply hub was knocked out in an attack last weekend.
Friday’s rises came after a Saudi-led coalition launched a military operation north of Yemen’s port city of Hodeidah, as the United States worked with Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack.
Brent crude is on track to rise about 7.7% this week, the biggest weekly gain since January. The front-month November contract was at $64.96 a barrel, up 56 cents, by 0212 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 66 cents to $58.79 a barrel, set to post a 7.1% gain for the week, the largest weekly rise since June.
