Concerns regarding energy supplies from the Middle East have driven oil prices up by more than 1%
Oil prices rose by over 1% on Friday amid fears that attacks carried out by the Houthis could lead to further disruptions in energy supplies from the Middle East.
As of 06:39 GMT, Brent crude futures were up $1.30 (1.2%) at $114.47 per barrel, while U.S. West Texas Intermediate (WTI) crude futures climbed $1.37 (1.4%) to $100.84 per barrel.
Having closed on Thursday at its highest level since May 4, Brent crude is on track to post gains for the third consecutive week, while WTI is set to finish higher for the second week in a row.
Following an intensification of the conflict between Saudi Arabia, the world’s largest crude oil exporter, and the Yemen-based Houthi movement, Saudi Aramco issued an order on Thursday to evacuate its headquarters in Dhahran, located on the Gulf coast near Bahrain.
Markets are increasingly concerned about a potential escalation of tensions in the Persian Gulf, a scenario that could threaten oil flows, which have remained remarkably resilient thus far.
Even if tensions do not flare up further, the mere possibility of such an event ensures that a significant geopolitical risk premium remains embedded in oil prices. 
As the Houthis advance toward the Bab el-Mandeb Strait, a critical chokepoint at the entrance to the Red Sea, clashes have intensified between them and the Saudi-led coalition that supports Yemen’s internationally recognized government.
Should these attacks persist and lead to further delays in shipments, the current high prices are likely to become more firmly entrenched.
Meanwhile, in Libya, it has been reported that a valve on an oil pipeline, stretching from the Hamada and Tahara oil fields to the port of Zawiya, has been shut, resulting in a decline in production at both fields.
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