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

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.