Oil advanced after deadly attacks in Saudi Arabia heightened concerns that escalating Middle East hostilities could hit supply, even as exports through the Strait of Hormuz accelerate. Brent climbed to trade near $111 a barrel and West Texas Intermediate rose toward $99. A drone strike on Saudi Aramco’s Shaybah field killed two people but left operations unaffected, while an attack on the King Fahd International Airport in Dammam, Saudi Arabia, killed one.
The U.S. also ordered the departure of some personnel and family members from American embassies in the kingdom. The global benchmark has surged more than 80% this year after flows from the Persian Gulf were disrupted by the U.S.-Iran war, which is approaching its ninth month with little sign of a resolution. Still, crude exports have climbed recently and are near preconflict levels as tankers switch off their transponders to avoid detection, although oil-product shipments remain constrained.
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