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Oil prices hold above $110 as traders price in Middle East escalation - YAHOO FINANCE
Oil prices edged higher on Friday after Houthi attacks near the Red Sea stoked worries of escalating fighting in the Middle East.
Brent crude (BZ=F) futures held at $110 per barrel. The international benchmark was on track for its third consecutive week of gains. Meanwhile, West Texas Intermediate crude (CL=F) traded near $100 a barrel, on pace to finish the week down roughly 0.5%.
The Red Sea area has seen increased attacks recently, including on Saudi Arabian airports and on an Aramco oil field this week.
Saudi Aramco on Thursday ordered the evacuation of its headquarters in Dhahran, marking the oil giant's first such evacuation since the Iran war began.
This week, the New York Times reported that the US and Israel have reportedly drawn up plans for renewed attacks on Iran after the midterm elections next month, raising expectations of increased fighting in the region.
The US has ordered nonessential embassy personnel to depart Saudi Arabia after a series of attacks at the country's airports and oil fields.
President Trump has said he will not attack Iran before the midterms and has suggested that fuel prices will fall afterward.
On Friday, the national price of gasoline stood at $4.29 per gallon, roughly $1.22 higher than a year ago. Diesel hovered around $6.31, about $2.68 more than this time last year.
A power outage at a refinery in the Chicago area is expected to send refined fuel prices even higher in the region.
"You're going to see a lot of $5 gas prices in places like Michigan, Ohio, Minnesota, Illinois, and Indiana," Gulf Oil chief energy adviser Tom Kloza told Yahoo Finance on Thursday.
Ines Ferre is a senior business reporter for Yahoo Finance.
