Oil prices climbed in early trade on Friday, 30 October, on supply concerns after Yemen's Iran-aligned Houthis stepped up attacks on Saudi Arabia, reversing the easing seen on Thursday.

Brent crude futures rose 86 cents, or 0.75%, to $115.74 a barrel as of 0122 GMT, while US West Texas Intermediate crude futures rose 72 cents, or 0.71%, to $102.72. On Thursday, the Houthis said they had attacked sites in Saudi Arabia, a claim that put the kingdom's energy infrastructure back at the centre of market attention.

Fourth monthly gain in view

For the month, Brent was on course to finish nearly 14% higher, while WTI was heading for a 15% jump, closing above $100 for the first time since April. That would make October a fourth straight monthly gain for both benchmarks, and the steepest since July, in a month dominated by Gulf security fears.

The rebound follows Thursday's session, when renewed US-Iran diplomatic contacts had cooled supply fears and Brent had eased to $114.88. Friday's move shows how quickly that premium returns when attacks are reported: with no new major disruption confirmed beyond the claims, traders are pricing the risk of further strikes on energy sites and shipping, rather than a proven loss of supply. Prices are snapshots at the stated times and will move through the session.

Sources: Reuters; BusinessToday.