Oil prices climb as Houthis step up attacks on Saudi Arabia, stoking supply fears

Oil prices rose on Wednesday as traders weighed the risk of supply disruptions from escalating attacks by Yemen’s Iran-aligned Houthi rebels on Saudi Arabia against expectations of increased Russian diesel exports easing market tightness.Brent crude futures rose 89 cents, or 0.8%, to $106.58 a barrel by 0030 GMT, while US West Texas Intermediate crude futures gained 80 cents, or 0.9%, to $94.94. Brent had fallen 0.9% on Tuesday, while WTI gained 0.4%.“Supply concern stemming from conflict between the Houthis and Saudi Arabia is driving prices higher,” Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, told Reuters. He said expectations of increased Russian diesel exports could limit sharp price movements in either direction.Saudi Arabia’s energy ministry said the Houthis attacked an administrative building belonging to state-owned oil company Saudi Aramco in Dhahran, causing a limited fire.