Oil futures logged a three-day winning streak Thursday, getting a lift as Saudi Arabia halted crude shipments through a Red Sea waterway after accusing Iran-allied rebels of attacking a pair of tankers.
September Brent crude futures rose 61 cents, or 0.8%, to end at $74.54 a barrel on ICE Europe. Meanwhile, the U.S. benchmark, September West Texas Intermediate crude rose 31 cents, or 0.5%, to $69.61 a barrel.
Saudi Arabia temporarily ended oil shipments through the Bab el-Mandeb strait, which joins the Red Sea to the Gulf of Aden, after saying that Houthi rebels attacked two very large crude carriers operated by Saudi National Shipping Corp. in the Red Sea on Wednesday. The move is the latest clash in the war between an Arab military coalition and the rebels for control of Yemen.
Source : Marketwatch