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Oil Futures Rebound After News About Strike On Storage Depot In Jeddah

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After struggling for support earlier in the session, crude oil prices rallied Friday afternoon, lifted by news about a missile strike at an oil storage depot in Saudi Arabian city Jeddah.

The attack was reportedly launched by Yemeni Houthi rebels. A spokesman for the outfit is reported to have said that the group would announce more details on a wide operation in Saudi Arabia later in the day.

West Texas Intermediate Crude oil futures for May ended higher by $1.56 or about 1.4% at $113.90 a barrel, off the session’s low of $108.62 a barrel. WTI futures gained nearly 12% in the week.

Brent crude futures were up $1.07 or 0.9% at $120.10 a barrel a little while ago.

Videos posted in the media revealed the location of the storage that was attacked was near the North Jeddah Bulk Plant. Meanwhile, a Reuters source said a Saudi Aramco facility had been hit.

Oil prices dropped earlier in the day amid easing concerns about supply following the partial resumption of exports from Kazakhstan’s CPC terminal.

An announcement from US President Joe Biden and the European Commission’s President Ursula von der Leyen about a US-EU deal to replace Russian natural gas imports by US LNG weighed as well on oil prices early on in the session.

Markets also reacted to Canada’s announcement on Thursday that it will boost oil exports by about 5% to help address supply shortages faced by allies shunning Russian energy after Moscow’s invasion of Ukraine.

A report from Baker Hughes said the number of active U.S. rigs drilling for oil rose by seven to 531 this week, after falling by 3 in the previous week. The total active U.S. rig count, which includes those drilling for natural gas, also climbed by seven at 670, according to Baker Hughes.

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