Oil rises to over $120/bbl after attack on #Saudi facilities | Reuters

Oil rises to over $120/bbl after attack on Saudi facilities | Reuters

Crude prices rose more than 1% to over $120 a barrel on Friday, as traders reconciled the impact of a missile attack on an oil distribution facility in Saudi Arabia with a possible release of oil reserves by the United States.

Brent crude settled up $1.62, or 1.4%, to $120.65 a barrel and U.S. West Texas Intermediate (WTI) crude ended $1.56, or 1.4% higher, at $113.90. Both had dropped $3 earlier.

Both benchmarks notched their first weekly gains in three weeks - Brent rose more than 11.5% and WTI gained 8.8%

Yemen's Houthis said they launched attacks on Saudi energy facilities on Friday and the Saudi-led coalition said Aramco's fuel distribution station in Jeddah had been targeted by an attack, but that a fire in two tanks at the facility had been brought under control. read more