Oil & Gas Industry News

Oil prices climbed as escalating attacks on Saudi Arabia heightened fears of Middle East supply disruptions.

The physical prices of some Middle East crudes sold outside the Persian Gulf have dropped.

SLB, formerly known as Schlumberger, is seen as a bellwether for oil and gas companies.

The global average crude freight rate surged above $20 per barrel, from $3 per barrel a year ago, analysts at Goldman Sachs said.

The price of Brent crude oil reached $114 per barrel intraday on Friday.

Brent climbed above $113 amid Saudi attacks and renewed Iran tensions, while global diesel supplies remained tight.

The kingdom is on alert after a flurry of attacks from Yemen's Houthis in recent weeks.

Mahmoud Mashal, Senior Market Analyst at VT Markets Dubai, highlighted that both WTI and Brent oil prices were rising intraday 'as escalating tensions in the Middle East revived concerns over Gulf supply'.

UK union Unite welcomed the UK government's decision to green light the Jackdaw gas field.

A deadly Saudi oil field attack and Gulf embassy concerns pushed crude prices higher.