Oil Rises as Houthi Attacks on Saudi Arabia Rekindle Supply Fears; Brent Tops $115

Oil prices climbed in early Asian trade Wednesday as renewed Houthi attacks on Saudi Arabia reignited regional supply fears, with Brent crude futures up 1.62% at $115.70 a barrel and West Texas Intermediate up 1.34% at $101.20. The Houthis claimed Tuesday they struck the 550,000-barrel-per-day Ras Tanura refinery with a ballistic missile. Saudi authorities have not confirmed a direct hit, and no independently verified evidence of major damage or operational interruption has emerged. Saudi officials reported intercepting three missiles aimed at Eastern Province and four drones toward southern Saudi Arabia; air defenses also intercepted two missiles targeting Riyadh, where debris damaged a building, a construction site and a vehicle. Prices also drew support from a Wall Street Journal report that the U.S. has warned Gulf Arab states to prepare for a possible short, intense military campaign against Iran after the November 3 midterm elections. The API estimated U.S. crude inventories fell about 2.03 million barrels in the week ending October 23, though rising gasoline and distillate stocks tempered the impact. Traders await Wednesday's EIA data.