Brent crude settles at $113.17, highest since May, as Aramco evacuates Dhahran HQ

Brent crude settled at $113.17 a barrel on Thursday, up 4% on the day. That was the benchmark’s highest close since 4 May, Dow Jones Market Data shows. Meanwhile, US WTI settled 2.4% higher at $99.47, CNBC reported.

Why Brent crude jumped

The rally followed more Houthi attacks on Saudi Arabia. In addition, Saudi Aramco told staff to evacuate its Dhahran headquarters and work remotely, six people told Reuters. It is the first such order since the Iran war began.

Earlier this month, a Houthi strike hit the building and fire spread across several floors. The site also hosts an operations centre that oversees Aramco’s fields, refineries and export terminals. Separately, the US told some diplomats and their families to leave Saudi Arabia. Read our report on the Dammam and Shaybah attacks.

What to watch

Even so, oil is still flowing. Morgan Stanley put Middle East crude exports at about 17 mmbbl/d last week. By comparison, the region shipped about 18 mmbbl/d in the 12 months before the war, according to Kpler.

For India, which imports most of its crude, a higher Brent price lifts the import bill. Brent has now gained 9.31% this month. However, it remains below its 2026 high of $118.35, set on 31 March.