*Brent futures close at highest since April 29, WTI ends week 2.3% higher
*Tanker carrying Russian diesel heads to New York, data shows
*US Energy Department authorizes emergency exchange of up to 400,000 barrels of crude from SPR
Oil prices settled more than $3 higher on Friday, their highest 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.
Reuters reported that Brent crude futures settled at $116.72 a barrel, up $3.55 or 3.14%, their highest since April 29. US West Texas Intermediate crude closed at $103.27 a barrel, up $3.80 or 3.8%.
Brent finished the week up 6% and WTI ended 2.3% higher.
“Fears of supply disruptions drove the advance after Iranian-backed Houthi rebels carried out a series of attacks across Saudi Arabia, including on energy infrastructure,” said Adam Turnquist, chief cross-asset strategist for LPL Financial.
On Thursday, Saudi Aramco (2222.SE) ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported. Fighting intensified between Saudi Arabia, the world’s largest crude exporter and Yemen-based Houthis.
An oil spill from a tanker was detected off the UAE coast of Umm Al Quwain, the United Arab Emirates Ministry of Climate Change and Environment said. It did not say what caused the spill and authorities have not identified the tanker involved.
President Donald Trump said on Friday the US could end the war with Iran quickly, but said perhaps Washington should allow the conflict to gradually wind down.
STRATEGIC RESERVE RELEASES
The US Department of Energy said it had authorized an emergency exchange of up to 400,000 barrels of crude oil from the Strategic Petroleum Reserve to address a supply disruption affecting Phillips 66’s Lake Charles refinery in Louisiana.
The SPR is already at the lowest level since 1982 after President Donald Trump tapped it as the US war on Iran disrupted supply lines. Trump’s predecessor, President Joe Biden, also tapped the SPR following Russia’s invasion of Ukraine.
Elsewhere, Germany’s national oil stockpiling agency EBV circulated a tender to sell diesel, heating oil and crude oil volumes from strategic reserves.
This marks Germany’s first oil releases from strategic reserves since G7 countries, under pressure from Trump, agreed to do so at the start of October.
