SINGAPORE – Oil prices moved higher on Wednesday as investors assessed the potential for supply disruptions amid escalating clashes Yemen’s Houthi group and Saudi Arabia.
By 0030 GMT, Brent crude futures had advanced by 89 cents, or 0.8%, to $106.58 per barrel. US West Texas Intermediate (WTI) crude rose 80 cents, or 0.9%, to $94.94 a barrel, according to international media.
The gains followed a mixed session on Tuesday, when Brent prices slipped 0.9%, while WTI recorded a 0.4% increase.
Earlier, Saudi Arabia’s air defences intercepted missiles targeting the kingdom, but falling debris injured four people in Riyadh and caused minor damage to 15 homes, according to Saudi authorities.
The country’s Civil Defence agency said two Houthi missiles were intercepted over the capital. Debris from the destroyed projectiles fell on residential areas, injuring two women, a man and a child. Several homes also sustained minor damage.
In a separate incident, a building belonging to Saudi oil giant Aramco in Dhahran was struck, triggering a limited fire, a Saudi Energy Ministry official said.
The official confirmed that no casualties or fatalities were reported in the incident. Saudi authorities also said a ballistic missile launched towards Dhahran from Yemen had been intercepted before reaching its intended target.